ACC 110 44 1. Assume the accounting department at Swatch, the Swiss watch company, prepared the following schedule comparing the total cost and NRV of its December 31, 2023, ending inventory: (5 marks) Product A Product B Product C Product D Product E Total Total Cast $ 29,000 45.000 17,000 31000 1.000 $126.000 Tatal NKV $ 21,000 36.000 17.000 30.000 1.000 $111.000 LCNRV applied to Products Group a. Calculate the merchandise inventory value that should appear on Swatch's December 31, 2023, balance sheet. Apply LCNRYV to each product and to inventory as a group by completing the schedule provided. b. Based on your calculations in part (a), prepare the appropriate adjusting entry at year-end assuming LCNRYV is applied to inventory as a group.

1. Assume the accounting department at Swatch, the Swiss watch company, prepared the following schedule comparing the total cost and NRV of its December 31, 2023, ending inventory: ( 5 marks) a. Calculate the merchandise inventory value that should appear on Swatch's December 31, 2023, balance sheet. Apply LCNRYV to each product and to inventory as a group by completing the schedule provided. b. Based on your calculations in part (a), prepare the appropriate adjusting entry at year-end assuming LCNRYV is applied to inventory as a group