Write-down reversal using gaap


At the end of 2009, Elizabeth Company wrote down one of the fur coats in its ending inventory from its original cost of $1,000 to $900. The same coat was still in inventory at December 31, 2010, but its net realizable value had increased to $1,100. What is the necessary journal entry for this write-down reversal using GAAP?

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Accounting Basics: Write-down reversal using gaap
Reference No:- TGS067292

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