The following account is credited in the loss method of writ

The following account is credited in the loss method of writing-down of inventory to its market value:

Select one:

A. Inventory

B. Cost of Goods Sold

C. Allowance to Reduce Inventory to Market

D. Loss Due to Decline of Inventory to Market

Solution

Ans. Allowance to Reduce Inventory to Market account is credited in the loss method of writing-down of inventory to its market value

So correct answer is (C) Allowance to Reduce Inventory to Market