Sheridan Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31. Types: Units Marilyn 14 Farrah 10 Jane J-Lo Cpt. Kirk 7 8 11 Unit Cost $152 224 74 191 162 Unit Net Realizable Value $148 230 99 220 108 (a) Your answer is correct. Assuming Sheridan values each type of wig separately, determine the lower of cost and net realizable value of the ending inventory. Lower of cost and net realizable value (b) eTextbook and Media List of Accounts Your answer is correct Date Account Titles and Explanation Prepare the journal entry required, if any, to record the adjustment at year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts Dec-31 Cost of Goods Sold Merchandise Inventory 7546 (To record the decline in inventory value.) Debit Attempts: 1 of 3 used 650 Credit 650 (c) Your answer is incorrect. Now assume Sheridan combines all wigs together for the purposes of determining LCNRV. What amount should be reported on Sheridan's balance sheet at year end? Value of inventory eTextbook and Media List of Accounts Save for Later Last saved 1 hour ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Attempts: 2 of 3 used Submit Answer