IE7-1 Reporting Inventory at a Lower of Cost or Net Realizable Value The following is a list of inventory items for Ducard Company on April 30, 20XX. Unit Cost Net Realizable Item Shoes Sunglasses Umbrellas T-Shirts Hats Sandals Boots Keychains Required Quantity When Acquired 12 $ 42.00 Value $ 64.00 23 28.00 35.00 15 18.00 12.00 17 8.00 8.00 28 12.00 10.00 15.00 19.00 14 48.00 35.00 35 $ 3.00 $ 5.00 1. Determine the current value of the Inventory. 2. Use the lower of Cost or Net Realizable Value to determine the how much inventory should be. 3. Create a journal entry to mark down the inventory. Hint: Use the IF() function for the Lower of Cost or NRV. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. A1 A Calibri (Body) 11 A A BI U ab X fx Accessibility tab summary: The financial information B C D E For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. 1 The following is a list of inventory items for Ducard Company on April 30, 20XX. Example: =B3+C3 Item Quantity Unit Cost When Acquired Net Realizable Value OK Shoes 12.00 $ 42.00 $ 64.00 Sunglasses Umbrellas T-Shirts 23.00 28.00 35.00 15.00 18.00 12.00 17.00 8.00 8.00 Hats 28.00 12.00 10.00 10 Sandals 9.00 15.00 19.00 11 Boots 14.00 48.00 35.00 35.00 $ 3.00 $ 5.00 12 Keychains 14 Required 1. Determine the current value of the Inventory. 26 27 234567892223172 22222222222223 29 30 17 Item Quantity Unit Cost When Acquired Total Cost 18 Shoes 19 Sunglasses 20 Umbrellas 21 T-Shirts 22 Hats 23 Sandals 24 Boots 25 Keychains Total 28 2. Use the lower of Cost or Net Realizable Value to determine the how much inventory should be. Hint: Use the IF() function for the Lower of Cost or NRV. = Graded Worksheet +