Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information appies to the questions dispiayed below] A company like Goif USA that sells goif-related inventory typically will have inventory items such as goif ciothing and goif equipment As technology advances the design and performance of the next generation of divers, the older models become less marketable and therefore decine in value Suppose that in the current year, Ping (a manufacturer of goif clubs) introduces the MegaDiver il, the new and improved version of the MegaDriver Below are year-end amounts related to Golf USA's inventory. Exercise 6-14 (Algo) Part 1 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments: Required Information 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 selis goif-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 decine in value. Suppose that in the current year, Ping (a manufacturer of goif clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Exercise 6-14 (Algo) Part 2 2. Calculate ending inventory using the lower of cost and net realizable value. 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 Goif USA that sells golf-related inventory typically will have inventory items such as goif clothing and goif equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decine in value. Suppose that in the current year. Ping (a manufacturer of goif clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver Below are year-end amounts related to Golf USA's inventory. Exercise 6-14 (Algo) Part 3 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first occount fleid.) Journal entry worksheet Record any necessary adjusting entry for inventory. Hotes Enter dobits before cresite. Required information 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 goif-related inventory typically will have inventory items such as goif ciothing and goif 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 MegaDiver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USAs inventory. Exercise 6-14 (Algo) Part 4 4. Determine the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus flgn.) Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information appies to the questions dispiayed below] A company like Goif USA that sells goif-related inventory typically will have inventory items such as goif ciothing and goif equipment As technology advances the design and performance of the next generation of divers, the older models become less marketable and therefore decine in value Suppose that in the current year, Ping (a manufacturer of goif clubs) introduces the MegaDiver il, the new and improved version of the MegaDriver Below are year-end amounts related to Golf USA's inventory. Exercise 6-14 (Algo) Part 1 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments: Required Information 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 selis goif-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 decine in value. Suppose that in the current year, Ping (a manufacturer of goif clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Exercise 6-14 (Algo) Part 2 2. Calculate ending inventory using the lower of cost and net realizable value. 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 Goif USA that sells golf-related inventory typically will have inventory items such as goif clothing and goif equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decine in value. Suppose that in the current year. Ping (a manufacturer of goif clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver Below are year-end amounts related to Golf USA's inventory. Exercise 6-14 (Algo) Part 3 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first occount fleid.) Journal entry worksheet Record any necessary adjusting entry for inventory. Hotes Enter dobits before cresite. Required information 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 goif-related inventory typically will have inventory items such as goif ciothing and goif 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 MegaDiver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USAs inventory. Exercise 6-14 (Algo) Part 4 4. Determine the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus flgn.)