rocky bayou golf clubs, which uses the fifo method, has the following account balances at july 31, 2012, prior to releasing the financial statements for the year:

Project Description:

rocky bayou golf clubs, which uses the fifo method, has the following account balances at january 31, 2012, prior to releasing the financial statements for the year:
inventory balance: $14,000
costs of goods sold balance : $70,000
sales revenue balance : $121,000


rocky bayou has determined that the replacement cost (current market value) of the january 31, 2012, ending inventory is $12,500.
requirements:
1. prepare any adjusting journal entry required from the information given.
2. what value would rocky bayou report on the balance sheet at january 31, 2012, for inventory?
Skills Required:
Project Stats: Edited

Price Type: Fixed

Project Budget: $1 to $8
Completed
Total Proposals: 7
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