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Kumar Inc. uses a perpetual inventory system. At January 1, 2014, inventory was $222, 860 at both cost and market value. At December 31, 2014, the inventory was $286, 200 at cost and $257, 680 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.

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Accounting Basics, Accounting

Category:- Accounting Basics
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