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Kumar inc uses a perpetual inventory system at january 1


1. Kumar Inc. uses a perpetual inventory system. At January 1, 2011, inventory was $214,000 at both cost and market value. At December 31, 2011, the inventory was $286,000 at cost and $265,000 at market value. Prepare the necessary December 31 entry under

(a) The direct method and

(b) The indirect method. 

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Accounting Basics: Kumar inc uses a perpetual inventory system at january 1
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