Question
Exercise 6-13A Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.] Home Furnishings reports
Exercise 6-13A Calculate inventory using lower of cost and net realizable value (LO6-6)
[The following information applies to the questions displayed below.]
Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.
| Inventory | Quantity | Unit Cost | Unit NRV | ||||
| Furniture | 280 | $ | 93 | $ | 108 | ||
| Electronics | 58 | 480 | 340 | ||||
Exercise 6-13A Part 3
3. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
13th edition
978-1285866307
