Instructions First Question Shaded cells have feedback. X Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period: 1. Compute the carrying value of Meredith's ending inventory using the lower of cost or market rule applied on an item-by-item basis Item Number of Units Disposal Costs Historical Cost per Unit $180 220 Carrying Value $ Points: 0/1 420 Window air conditioner Dishwasher Refrigerator Microwave Washer (clothing) Dryer (clothing) Selling Price per Unit $155 225 455 185 285 280 220 Feedback 215 Check My Work Compare actual cost of inventory to its market value. The lower amount is the value of inventory. If market value is lower, the inventory account is adjusted Required: 1. Compute the carrying value of Meredith's ending inventory using the lower of cost or market rule applied on an item-by-item basis. - Ees- thai marafaart:- General Journal Shaded cells have feedback. X 2. Prepare the journal entry required to value the inventory at lower of cost or market on December 31. General Journal Instructions How does grading work? PAGE 1 Score: 21/25 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME DEBIT 1.00 Dec 31 Cost of Goods Sold Inventory 1.00 Points: 4.2/5 Feedback Instructions First Question Shaded cells have feedback. X Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period: 1. Compute the carrying value of Meredith's ending inventory using the lower of cost or market rule applied on an item-by-item basis Item Number of Units Disposal Costs Historical Cost per Unit $180 220 Carrying Value $ Points: 0/1 420 Window air conditioner Dishwasher Refrigerator Microwave Washer (clothing) Dryer (clothing) Selling Price per Unit $155 225 455 185 285 280 220 Feedback 215 Check My Work Compare actual cost of inventory to its market value. The lower amount is the value of inventory. If market value is lower, the inventory account is adjusted Required: 1. Compute the carrying value of Meredith's ending inventory using the lower of cost or market rule applied on an item-by-item basis. - Ees- thai marafaart:- General Journal Shaded cells have feedback. X 2. Prepare the journal entry required to value the inventory at lower of cost or market on December 31. General Journal Instructions How does grading work? PAGE 1 Score: 21/25 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME DEBIT 1.00 Dec 31 Cost of Goods Sold Inventory 1.00 Points: 4.2/5 Feedback
