Robertson Garden Supplies, which uses a perpetual inventory system and the FIFO method, has these account balances at December 31, 2014, prior to releasing the financial statements for the year The company has determined that the net realizable value of the December 31, 2014, ending inventory is $7...

Robertson Garden Supplies, which uses a perpetual inventory system and the FIFO method, has these account balances

Question:

Robertson Garden Supplies, which uses a perpetual inventory system and the FIFO method, has these account balances at December 31, 2014, prior to releasing the for the year:

Cost of Goods Sold Sales Revenue Inventory 50,000 Beg. bal. 84,000 End. bal. Bal. 500,000 Bal. 940,000

The company has determined that the net realizable value of the December 31, 2014, ending inventory is $75,500.
Required
Prepare Robertson Garden Supplies' balance sheet at December 31, 2014, to show how Robertson would apply the lower-of-cost-and-net-realizable-value rule to inventories. Include a complete heading for the statement.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...