Required: Calculate the lower of cost and net realizable value for each inventory category within Swifty's inventory. Prepare the entry needed to adjust Swifty's inventory
- Required:
- Calculate the lower of cost and net realizable value for each inventory category within Swifty's inventory.
- Prepare the entry needed to adjust Swifty's inventory value to the lower of cost or net realizable value at December 31, 2021.
The following information on cost and net realizable value of Swifty Ltd's various inventory categories was gathered at December 31, 2021: Inventory Categories Desktops Tablets and readers Laptops Accessories and parts Cost NRV $346,100 $324,700 169,500 225,300 284,400 93,500 220,200 96,500
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Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
7th Canadian edition
1119368456, 978-1119211587, 1119211581, 978-1119320623, 978-1119368458
