Adjustments to lower of cost and NRV The controller of Utah Corp.has provided you with the following information relating to its inventory: Utah uses the periodic inventory system, and records its inventory at cost.An allowance account is adjusted at the end of each year to adjust the value of the inventory to the lower of cost and NRV. Instructions Prepare the journal entries that Utah would have prepared for its 2014 and 2015 year ends, assuming that 2014 was its first year of operations.

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Adjustments to lower of cost and NRV The controller of Utah Corp.has provided you with the following information relating to its inventory:  Utah uses the periodic inventory system, and records its inventory at cost.An allowance account is adjusted at the end of each year to adjust the value of the inventory to the lower of cost and NRV. Instructions Prepare the journal entries that Utah would have prepared for its 2014 and 2015 year ends, assuming that 2014 was its first year of operations.

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The Answer of Adjustments to lower of cost and NRV The controller of Utah Corp.has provided you with the following information relating to its inventory:  Utah uses the periodic inventory system, and records its inventory at cost.An allowance account is adjusted at the end of each year to adjust the value of the inventory to the lower of cost and NRV. Instructions Prepare the journal entries that Utah would have prepared for its 2014 and 2015 year ends, assuming that 2014 was its first year of operations.

Adjustments to Lower of Cost and NRV the Controller of Utah