Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please tell me how this number is suppose to be lower. [The following information applies to the questions displayed below.] A company like Golf USA

image text in transcribed

please tell me how this number is suppose to be lower.

[The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II Quantity 28 8 23 Unit Cost $ 53 290 315 Unit NRV $ 63 215 350 2. Calculate ending inventory using the lower of cost and net realizable value. & Answer is complete but not entirely correct. Inventory Shirts MegaDriver Mega Driver Lower of Ending Quantity Cost and Inventory NRV 28$ 53 $ 1,484 8 290 X 2,320 23 315 7.245 11,049

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Studies Of Company Records (RLE Accounting)1830-1974

Authors: J. R. Edwards

1st Edition

1138983306, 9781138983304

More Books

Students also viewed these Accounting questions

Question

What activities do you enjoy when you are not working?

Answered: 1 week ago

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago

Question

Define self-esteem and discuss its impact on your life.

Answered: 1 week ago