Case 3: SMART BIKES (questions 14 - 16) SMART BIKES is a bicycle manufacturer in Rotterdam. There are currently four types of bicycles that the company produces and sells to customers, namely Rood Bikes, Mountain Bikes, Folding Bikes, and Electronic Bikes SMART BIKES uses the lower-of-cost-or-net realizable value approoch and applies the nule on an Individual em bosts. The company uses a single allowance account to keep track of all changes in the carrying value of its riventory. On 31-12-2019, SMART BIKES has the following ending Inventory for bikes Original Expected in orice sumated to call 129 000 214 ooo en ooo 164 000 20 000 163 000 9 000 Estimated completion COSTE 17 000 16 000 S ooo 12 000 112 000 186 000 148 000 126 000 Electric bikes Road bikes Folding bikes Mountain bikes The information on SMART BIKES overall ending Inventories on 31-12-2020 and 31-12-2021 is presented below: 540 000 543 500 635 000 629 000 31-12-2020 31-12-2021 The company uses an allowance account to keep track of changes in the carrying value of its Inventory. Prepare the Journal entries required on 31-12-2021, assuming that the inventory is recorded at LCNRV, use the loss method. Credit Debit Account Select + Add o journal entry Case 3: SMART BIKES (questions 14 - 16) SMART BIKES is a bicycle manufacturer in Rotterdam. There are currently four types of bicycles that the company produces and sells to customers, namely Rood Bikes, Mountain Bikes, Folding Bikes, and Electronic Bikes SMART BIKES uses the lower-of-cost-or-net realizable value approoch and applies the nule on an Individual em bosts. The company uses a single allowance account to keep track of all changes in the carrying value of its riventory. On 31-12-2019, SMART BIKES has the following ending Inventory for bikes Original Expected in orice sumated to call 129 000 214 ooo en ooo 164 000 20 000 163 000 9 000 Estimated completion COSTE 17 000 16 000 S ooo 12 000 112 000 186 000 148 000 126 000 Electric bikes Road bikes Folding bikes Mountain bikes The information on SMART BIKES overall ending Inventories on 31-12-2020 and 31-12-2021 is presented below: 540 000 543 500 635 000 629 000 31-12-2020 31-12-2021 The company uses an allowance account to keep track of changes in the carrying value of its Inventory. Prepare the Journal entries required on 31-12-2021, assuming that the inventory is recorded at LCNRV, use the loss method. Credit Debit Account Select + Add o journal entry