kim's retail had 800 units of inventory on hand at the end of the year. these were recorded at a cost of $15 each using the lastminusin, firstminusout (lifo) method. the current replacement cost is $11 per unit. the selling price charged by kim's retail for each finished product is $18. in order to record the adjusting entry needed under the rule, the merchandise inventory will be
a. credited by $11,200
b. debited by $11.200
c. debited by $1,600
d. credited by $1.600

Need with an adjusting journal entrycmc records depreciation and amortization expense annually. they do not use an accumulated amortization account. (i.e. amortization expense is recorded with a debit to amort. exp and a credit to the patent.) annual depreciation rates are 7% for buildings/equipment/furniture, no salvage. (round to the nearest whole dollar.) annual amortization rates are 10% of original cost, straight-line method, no salvage. cmc owns two patents: patent #fj101 and patent #cq510. patent #cq510 was acquired on october 1, 2016. patent #fj101 was acquired on april 1, 2018 for $119,000. the last time depreciation & amortization were recorded was december 31, 2017.before adjustment: land: 348791equpment and furniture: 332989building: 876418patents 217000