Below is a statement of inventory for a candle shop, given on March 31. a) Calculate...

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Below is a statement of inventory for a candle shop, given on March 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Cost LCNRV applied to NRV Per Unit Per Unit Product Total for product Quantity 11 Total for product Items Group 5.90 6.80 5.15 5.65 Blue Votive Candles Blue Unscented Candles Purple Scented Candles Green Sand Candles Red Scented Candles 24 18 6.75 6.90 10.45 9.70 23 13 7.70 7.15 Totals b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. General Journal Page GJ8 Credit Date Account/Explanation F Debit c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. General Journal Page GJ8 Date Account/Explanation F Debit Credit Below is a statement of inventory for a candle shop, given on March 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Cost LCNRV applied to NRV Per Unit Per Unit Product Total for product Quantity 11 Total for product Items Group 5.90 6.80 5.15 5.65 Blue Votive Candles Blue Unscented Candles Purple Scented Candles Green Sand Candles Red Scented Candles 24 18 6.75 6.90 10.45 9.70 23 13 7.70 7.15 Totals b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. General Journal Page GJ8 Credit Date Account/Explanation F Debit c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. General Journal Page GJ8 Date Account/Explanation F Debit Credit

Answer rating: 100% (QA)

a Inventory at Cost Product Blue Votive Candles Blue Unscented Candles Purple Scente... View the full answer