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Please show work. Thank You! Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its
Please show work. Thank You!
Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 240 Unit Cost $ 89 440 Unit NRV $104 320 54 240*89=21360 240*104=24960 54*440=23760 54*320=17280 Required: Sum of 21360+17280=38640 but 1. Calculate the total recorded cost of ending inventory before any adjustments. this is cavino incor this is saying incorrect?? Cost of ending inventory (before adjustment) $ 38,640 2. Calculate encing inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRV per unit Ending Inventory Furniture Electronics 3. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal Debit CreditStep by Step Solution
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