Use the following information for questions
-Anselmo's 2015 journal entry to adjust its inventory from cost to the lower of cost and net realizable value (NRV)will include a
A)debit of $40,000 to Loss on Inventory Due to Decline in NRV.
B)debit of $40,000 to Allowance to Reduce Inventory to NRV.
C)debit of $20,000 to Allowance to Reduce Inventory to NRV.
D)credit of $40,000 to Recovery of Loss Due to Decline in Inventory.

Question

Use the following information for questions 
-Anselmo's 2015 journal entry to adjust its inventory from cost to the lower of cost and net realizable value (NRV)will include a
A)debit of $40,000 to Loss on Inventory Due to Decline in NRV. 
B)debit of $40,000 to Allowance to Reduce Inventory to NRV. 
C)debit of $20,000 to Allowance to Reduce Inventory to NRV. 
D)credit of $40,000 to Recovery of Loss Due to Decline in Inventory.

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The Answer of Use the following information for questions 
-Anselmo's 2015 journal entry to adjust its inventory from cost to the lower of cost and net realizable value (NRV)will include a
A)debit of $40,000 to Loss on Inventory Due to Decline in NRV. 
B)debit of $40,000 to Allowance to Reduce Inventory to NRV. 
C)debit of $20,000 to Allowance to Reduce Inventory to NRV. 
D)credit of $40,000 to Recovery of Loss Due to Decline in Inventory.

Use the Following Information for Questions