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Suppose management estimated the market valuation of some obsolete inventory at $99 1 answer below » Suppose management estimated the market valuation of some obsolete inventory at $99,000; this inventory was recorded at $120,000, which resulted in recognizing a
loss of $21,000. The auditors obtained the following information:The inventory in question could be sold for an amount between $78,000 and $92,000. The costs of
advertising and shipping could range from $5,000 to $7,000. Prepare the appropriate accounting entry. (In cases where no entry is required, please select the
option “No journal entry required” for your answer to grade correctly. Leave no cells blank – be certain to enter “0 View complete question » Suppose management estimated the market valuation of some obsolete inventory at $99,000; this inventory was recorded at $120,000, which resulted in recognizing a
loss of $21,000. The auditors obtained the following information:The inventory in question could be sold for an amount between $78,000 and $92,000. The costs of
advertising and shipping could range from $5,000 to $7,000. Prepare the appropriate accounting entry. (In cases where no entry is required, please select the
option “No journal entry required” for your answer to grade correctly. Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your
response.) General Journal Debit Credit Loss (COGS) ? Inventory ? View less » Oct 26 2013 08:21 PM
