Question 5 PLEASE SAVE YOUR PROGRESS REGULARLY PLEASE DO NOT INCLUDE $ SIGNS (OR OTHER CHARACTERS) IN YOUR NUMERIC RESPONSES Not yet answered Marked out of 10.00 Flag question Tenacity Ltd. has prepared the following (incomplete) inventory schedule. Tenacity uses the average costing method under a perpetual inventory system. Tenacity had no opening inventory. Cost of Goods Sold Purchases Balance Total June Sales Units Purchase Total Cost Inventory Total Cost COGS ($) Units ($) Units ($) 1 150.00 480.00 150.00 480.00 10 200.00 660.00 350.00 1,140.00 15 200.00 A 550.00 1,820.00 25 442.00 B D 28 150.00 525.00 258.00 E 30 100.00 525.00 358.00 1,406.98 B Required 2: On June 30th, Tenacity determined ending inventory had a net realizable value of $2,300. Does the inventory balance require any adjustments? Briefly explain. Marks will not be awarded if a reasonable explanation is not provided. Question 5 PLEASE SAVE YOUR PROGRESS REGULARLY PLEASE DO NOT INCLUDE $ SIGNS (OR OTHER CHARACTERS) IN YOUR NUMERIC RESPONSES Not yet answered Marked out of 10.00 Flag question Tenacity Ltd. has prepared the following (incomplete) inventory schedule. Tenacity uses the average costing method under a perpetual inventory system. Tenacity had no opening inventory. Cost of Goods Sold Purchases Balance Total June Sales Units Purchase Total Cost Inventory Total Cost COGS ($) Units ($) Units ($) 1 150.00 480.00 150.00 480.00 10 200.00 660.00 350.00 1,140.00 15 200.00 A 550.00 1,820.00 25 442.00 B D 28 150.00 525.00 258.00 E 30 100.00 525.00 358.00 1,406.98 B Required 2: On June 30th, Tenacity determined ending inventory had a net realizable value of $2,300. Does the inventory balance require any adjustments? Briefly explain. Marks will not be awarded if a reasonable explanation is not provided