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3 part question. please show work, thank you! 1) 2) 3) Required information [The following information applies to the questions displayed below.) 1 of 3
3 part question. please show work, thank you!
1)
2)
3)
Required information [The following information applies to the questions displayed below.) 1 of 3 A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver Il, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory Book Quantity 41 Inventory Shirts MegaDriver MegaDriver II Unit Cost $ 66 42e 380 Unit NRV $ 76 280 erences 36 480 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments Cost of ending inventory (before adjustment) 2. Calculate ending inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRV Ending nventory Shirts MegaDriver MegaDriver I Journal entry worksheet Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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