calculate inventory using lower of cost and net realizeble value

Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) [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 IL, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts Quantity 38 Unit Cost $55 Unit NRV $73 18 390 330 its MegaDriver MegaDriver 11 33 410 450 Skipped Exercise 6-14 (Algo) Part 4 Print ferences 4. Determine the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus sign.) Income Statement: Revenues Expenses Net Income Balance Sheet Assets Liabilities Stockholders' Equity C 3 7 of 7 7 rt 4 of 4 2 aw 11 s Su....pdf 110 Show All