Do It! Review 6-03a x Your answer is incorrect. Try again. Novak Corp. sells three different categories of tools (small, medium and large). The cost and net realizable value of its inventory of tools are as follows. Small Medium Large Cost $ 65,970 284,260 142,650 Net Realizable Value $ 58,310 235,890 183,360 Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. The total inventory value 477560 Click if you would like to Show Work for this questioni Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. The following transactions are for Kingbird Company 30. The cost of the merchandise sold was $310,000. 1. 2. 3. On December 3, Kingbird Company Sold $450,000 of merchandise to Blossom Co., on account, terms 1/10, On December 8, Blossom Co. was granted an allowance of $22,000 for merchandise purchased on December On December 13, Kingbed Company received the balance due from blossom Co. Prepare the journal entries to record these transactions on the books of Kingbird, Kingbed uses a perpetual inventory system. (I no entry is required, select No Entry for for the amounts, Credit accountries are automatically indented when amount is entered the rol in den manually.) Account Titles and Explanation Accounts Receivable y Study 450,000 Sales Revenue 450,000 (To record sale of merchandise on account) Cost of Goods Sold 310,000 Inventory (To record cost of merchandise sold on account Sales Returns and Allowances Accounts Receivable ere to search 40% Accounts Receivable 22,000 Dec. 13 Cash 419,440 Sales Discounts 8,560 Accounts Receivable 428,000 (b) Assume that Kingbird Company received the balance due from Blossom Co. on January 2 of the following year instead of December 13. Prepare th (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically manually.) Date Account Titles and Explanation Debit Credit Jan. 2 Cash 428,000 Accounts Receivable 428,000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS