Yousef Company began operations in 2009 and determined its ending inventory at cost and at lower of cost market at December 31, 2009 and December 21, 2010 as follows: Cost Lower of cost or Market 12/31/2009 1,000.000 990,000 12/31/2010 2,000,000 1,985,000 Assuming the allowance method was used and that no inventory had to be written off during 2010, the adjusting journal entry required at December 31, 2010 includes which of the following? Answer: a debit to loss in inventory for 5,000 Please explain answer in detail.
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