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Cheyenne Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2018: Coffee
Cheyenne Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2018: Coffee Bean Units Unit Cost Net Realizable Value Coffea arabica 12,700 bags $5.60 $5.55 Coffea robusta 6,000 bags 3.40 3.50 Calculate Cheyenne's inventory at the lower of cost and net realizable value. (Round answer to the nearest whole dollar, e.g. 5,275.) Inventory at the lower of cost and net realizable value $ List of Accounts Prepare any journal entry required to record the LCNRV, assuming that Cheyenne uses a perpetual inventory system. (Round answer to the nearest whole dollar, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 Cost of Goods Sold Inventor List of Accounts
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