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HCL.Meducation.COMW /Cumel. ack This window shows your responses and what was marked correct and incorrect from your pre The records of Loren Movers Ltd. contained the following inventory data: 20X1 20X2 ts awarded Category 1 Item A Item B Item C Cost NRV Cost NRV $13,000 $ 10,360 $ 5,600 $ 3,040 54,200 47,600 18,200 15,720 44,200 52,300 54,600 65,150 $ 111,400 $110,260 78,400 $83,910 Scored Category 2 Item D Item E Item F $ 18,900 $ 16,060 $ 16,100 $ 12,920 23,600 5,500 5,800 100 50,800 50,800 61,200 58,520 $93,300 $ 72,360 $ 83,100 $ 71,540 Required: 1. Calculate two different amounts that could justifiably be recorded as the allowance to reduce inventory to cost-or-NRV at the end of 20X1. Individual items Category $ $ 30,180 22.080 rded 2. Record the 20x1 lower-of-cost-or-NRV adjustments if any) for each of the two amounts from requirement 1, using the valuation allowance method. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) No Transaction Credit General Journal Holding loss on inventory (COS) Allowance to reduce inventory to NRV Debit 30,180 30,180 22,080 Holding loss on inventory (COS) Allowance to reduce inventory to NRV 22,080 3. Record the 20x2 lower-of-cost-or-NRV adjustments (if any) under each of the two lower of cost or NRV methods, using the valuation allowance method. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) 3. Record the 20x2 lower-of-cost-or-NRV adjustments (if any) under each of the two lower of cost or NRV methods, using the valuation allowance method. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) No Transaction Debit Credit General Journal Holding loss on inventory Allowance to reduce Inventory to LC/NRV 16,600 16,600 x 11.560 X Holding loss on inventory Allowance to reduce inventory to LC/NRV 11,560 X