adjustments, appears as follows: Naturally Good Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing...

 

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adjustments, appears as follows: Naturally Good Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing its financial statements for the year ended October 31, 2019, Naturally's preliminary income statement, before the year-end (Click the icon to view the preliminary income statement.) Naturally has determined that the current replacement cost of ending merchandise inventory is $19,000. Cost is $23,000. Read the requirements. Requirement 1. Journalize the adjusting entry for merchandise inventory, if any is required. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Oct. 31 Requirements Accounts and Explanation 1. Joumalize the adjusting entry for merchandise inventory, if any is required. 2. Prepare a revised partial income statement to show how Naturally Good Foods should report sales, cost of goods sold, and gross profit. Print Done Debit Credit Data Table Naturally Good Foods Income Statement (Partial) Year Ended October 31, 2019 Sales Revenue S 120,000 50,000 Cost of Goods Sold S 70,000 Gross Profit Print Done adjustments, appears as follows: Naturally Good Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing its financial statements for the year ended October 31, 2019, Naturally's preliminary income statement, before the year-end (Click the icon to view the preliminary income statement.) Naturally has determined that the current replacement cost of ending merchandise inventory is $19,000. Cost is $23,000. Read the requirements. Requirement 1. Journalize the adjusting entry for merchandise inventory, if any is required. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Oct. 31 Requirements Accounts and Explanation 1. Joumalize the adjusting entry for merchandise inventory, if any is required. 2. Prepare a revised partial income statement to show how Naturally Good Foods should report sales, cost of goods sold, and gross profit. Print Done Debit Credit Data Table Naturally Good Foods Income Statement (Partial) Year Ended October 31, 2019 Sales Revenue S 120,000 50,000 Cost of Goods Sold S 70,000 Gross Profit Print Done