Mariah Company has inventory at the end of the year with a historical cost of $ 91 comma 000. Mariah Company uses the perpetual inventory system. Under the LCM rule, the current replacement cost is $ 71 comma 600. The company uses LIFO. Under U. S. GAAP, the journal entry to record the writeminusdown to LCM will:
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Home » Business » Mariah Company has inventory at the end of the year with a historical cost of $ 91 comma 000. Mariah Company uses the perpetual inventory system. Under the LCM rule, the current replacement cost is $ 71 comma 600. The company uses LIFO. Under U. S.