A company reports inventory using the lower of cost and net realizable value. Below is information...
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A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory: Inventory Quantity Cost NRV Unit A 12 $34 $36 Unit B 20 45 42 Unit C 14 22 26 Unit D 17 12 11 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for inventory. A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory: Inventory Quantity Cost NRV Unit A 12 $34 $36 Unit B 20 45 42 Unit C 14 22 26 Unit D 17 12 11 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for inventory.
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Inventory Unit A Unit B Unit C Unit D Totals Ending Invent... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
Posted Date:
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