Sandhill Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO-cost-or-market at December 31, 2019, 2020 and 2021. This information is presented below. Cost...

Extracted text: Sandhill Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO-cost-or-market at December 31, 2019, 2020 and 2021. This information is presented below. Cost Lower-of-Cost-or-Market December 31, 2019 $ 80,040 $ 65,320 December 31, 2020 92,000 90,160 December 31, 2021 89,240 89,240


Extracted text: Prepare the journal entries assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods- sold method) is used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/19 Cost of Goods Sold 14,720.00 14,720.00 12/31/20 12/31/21