Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Quantity Unit Cost Unit NRV Shirts 37 $60 572 MegaDriver 17 380 310 MegaDriver II 32 400 440 Exercise 6-14 (Algo) Part 3 Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry equired" in the first account field.) View transaction list Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Common Stock