For reference, here is the rest of my work for this problem.

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. Unit Cost Unit NRV Inventory Shirts MegaDriver Quantity 25 $50 $60 18 260 200 MegaDriver II 20 -300 320 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 sign.) Income Statement: Revenues Expenses Net Income Balance Sheet: Stockholders Assets Liabilities Equity 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 gol 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. Unit Cost Inventory Shirts Unit NRV Quantity 25 $50 $60 18 260 200 MegaDriver MegaDriver II 20 300 320 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 Entr Required" in the first account field.) View transaction list View journal entry worksheet hond General Journal Debit Credit No 1 Cost of Goods Sold Inventory Transaction 1,080 1,080 Exercise 6-14 (Algo) Part 2 2. Calculate ending inventory using the lower of cost and net realizable value. Inventory Lower of Cost and NRV per Quantity Ending Inventory unit 50 200 300 Shirts MegaDriver MegaDriver II 25 $ 18 20 $ S 1,250 3,600 6,000 10,850 Exercise 6-14 (Algo) Part 1 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. Cost of ending inventory (before adjustment) $ 11,930