BCN, Co accumulates the following cost and market data at 12/31/XX. Product Cost Market 12GB memory cards

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BCN, Co accumulates the following cost and market data at 12/31/XX.

Product Cost Market

12GB memory cards $53,000$ 45,000

Camera mounts $28,000$ 27,000

Waterproof camera covers $14,000 $21,000

Camera light assembly $6,000 $8,000

total $101,000

A. What, if any, is the amount of the lower cost or market adjustment?

B. What is the journal entry to record the adjustment?

Note: Make sure to format your entries properly, whether you are using a table or plain text entry.

Related Book For answer-question

Accounting Tools for Business Decision Making

ISBN: 978-1118128169

5th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Posted Date: May 10, 2020 01:57 PM

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BCN, Co accumulates the following cost and market data at 12/31/XX. Product Cost Market 12GB memory cards

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Product Cost Market Value Impairment Loss 12GB memory ... View the full answer

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