a) Calculate the cost of goods sold (COGS) for the month of December 20X4 before the required adjustments, if any, are made to value EEI’s inventory at the lower of cost and net realizable value. Provide separate totals for each category of inventory as well as the total COGS. 

b)Calculate the closing inventory as at December 31, 20X4,after the required adjustments, if any, are made to value EEI’s inventory at the lower of cost and net realizable value. Provide separate totals for each category of inventory as well as the total inventory holdings. 

c)Determine the remaining bad debt expense that needs to be recorded by EEI at the end of the 20X4 fiscal year. 

d)Record the journal entries pertaining to the identified transactions in the same order as those presented in the question. Ensure that the journal entries are dated and include a brief description of the pertinent details. Supporting calculations are to be referenced or included in the description. 

e)Record the year-end adjusting journal entries pertaining to: i) the valuation of inventory at the lower of cost and net realizable value; 

ii) the bad debt expense for the year; and iii) the accrual of interest revenue  

Answer rating: 100% (QA)

a Cost of Goods Sold COGS for December 20X4 Inventory Category Cost of Goods Sold COGS Raw Materials 22000 WorkinProcess 9000 Finished Goods 35000 Tot... View the full answer