Data Visualization 9-1 Lower of cost and net realizable value Furniture Fashions sells high-end furniture (dressers, chairs, sofas, and tables). Due to vacillating customer tastes and fierce competition, attainable selling prices have been erratic, particularly for certain types of furniture. Based on its experience, management projects next year's sales prices of year-end Inventory using the trend in monthly sales prices during the current year. Presented below are those trends in sales prices for each of its four types of inventory, along with next year's projected sales price, Also presented are the number of units of ending inventory and the average cost of each of those units. Average Monthly Sales Prices and Projections | $2,676 $3,000 $2,500 $2,000 $1,500 $1,000 $500 S65 Nool July March January February December Projection -Dressers Chairs August September October November Tables Units of Ending Inventory Average Unit Cost of Ending Inventory $1,670 65 $1,540 $1,800 $1,600 $1,400 $1.200 Check my work Units of Ending Inventory Average Unit Cost of Ending Inventory $1,670 $1,540 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 S810 $320 Dressers Chairs Sofas Tables Dressers Chairs Sofas Tables Click here to open the graph(s) in a new tab. Required: 1. Which of the company's product lines has seen the greatest growth in sales prices over the current year? 2. Based on the trend lines provided, for which product line does management project to sell below its average unit cost in the following year (Hint: Compare projected sales prices to the bar chart showing average unit cost)? 3. Prepare the year-end adjusting entry to record inventory at the lower of cost or net realizable value (Hint: Be sure to account for the number of units of ending inventory in your calculation). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Which of the company's product lines has seen the greatest growth in sales prices over the current year? Dressers Return to SLICICI SULIYOMO HY Required: 1. Which of the company's product lines has seen the greatest growth in sales prices over the current year? 2. Based on the trend lines provided, for which product line does management project to sell below its average unit cost in the following year (Hint: Compare projected sales prices to the bar chart showing average unit cost)? 3. Prepare the year-end adjusting entry to record inventory at the lower of cost or net realizable value (Hint: Be sure to account fo number of units of ending inventory in your calculation). Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Recured 2 Required 3 Required 2 Which of the company's product lines has seen the greatest growth in sales prices over the current year? Dressers Chairs Sofas Tables Required 1 Required 2 > Return to question Required: 1. Which of the company's product lines has seen the greatest growth in sales prices over the current year? 2. Based on the trend lines provided, for which product line does management project to sell below its average unit cost in the following year (Hint: Compare projected sales prices to the bar chart showing average unit cost)? 3. Prepare the year-end adjusting entry to record inventory at the lower of cost ar net realizable value (Hint: Be sure to account for the number of units of ending inventory in your calculation) Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Based on the trend lines provided, for which product line does management project to sell below its average unit cost in the following year (Hint: Compare projected sales prices to the bar chart showing average unit cost)? Dressers Chairs Sofas Tables Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the year-end adjusting entry to record inventory at the lower of cost or net realizable value (Hint: Be sure to account for the number of units of ending inventory in your calculation). (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) Book View transaction list ferences 1 Record the inventory using the lower of cost or net realizable value. Credit Note : - Journal entry has been entered
