accounting homework
Required information (The following information applies to the questions displayed below.) 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 II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II Quantity 30 10 25 Unit Cost $ 55 310 325 Unit NRV $ 65 225 370 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. Cost of ending inventory (before adjustment) Required information [The following information applies to the questions displayed below.) 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 II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II Quantity 30 10 25 Unit Cost $ 55 310 325 Unit NRV $ 65 225 370 2. Calculate ending inventory using the lower of cost and net realizable value. Quantity Lower of Cost and NRV Ending Inventory Inventory Shirts MegaDriver MegaDriver II 0 Required information [The following information applies to the questions displayed below.] 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 II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II Quantity 30 10 25 Unit Cost $ 55 310 325 Unit NRV $ 65 225 370 3. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
