Mountain bikes road bikes and hybrid bikes

AP-13B LO7 The following information has been provided by AS Retailers for the month of August 2018. estimated closing inventory at cost using the retail method. etailers for the month of August 2018. Calculate the At Cost At Retail Cost of Goods Sold Opening Inventory $3,000 $6,000 Purchases 32,000 80,000 Cost of Goods Available for Sale $35,000 86,000 Sales at Retail 50,000 Closing Inventory at Retail $36,000 nky Bike Shop has three types of bikes: mountain bikes, road bikes and hybrid bikes. On December 31, 2018 Kranky Bike ost and NRV of each type is listed below. Required ble by applying the lower of cost and net realizable value. The shaded areas do not require a) Complete the table by applyi entries. Category Mountain Mountain Mountain LCNRV Applied to Individual Category Cost $10,000 8,000 NRV $8,000 Total 2.000 5,500 3.100 Description Mikado Oryx Total Mountain Bikes Giant Norco Total Road Bikes Electra Acquila Total Hybrid Bikes Road 7,000 6,000 Road 12,500 8,100 Hybrid Hybrid 2,800 2,600 2,500 3,000 Total Inventory Vali Chapter 8 b) Prepare the adjusting entry, if required, if LCNRV was applied using i) individual products ii) category iii) total Date Account Title and Explanation Debit Credit