There are always record keeping in business. The best method to adjust his inventory records to reflect the damage is that;
They are referred to as Finished goods inventories that are often expressed at lower of standard cost.
Adjustments for inventory losses are done through accounting entries. where, the amount of loss is inputted as a credit to an inventory asset account and A corresponding debit entry is imputed to the right expense account.
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Hao is completing inventory and found four boxes of lightbulbs out of twenty that were crushed. What is the best method to adjust his inventory records to reflect the damage? Select an answer:
Record an inventory adjustment with a change in quantity of negative 4.
Record an inventory adjustment with a new quantity of 16.
Record an inventory adjustment with a change in quantity of positive 4.
Record a journal entry to change the value in the Inventory asset account to reflect the value of 16 boxes of bulbs.
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