Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (L06-6) [The following information applies to the questions displayed below) 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 170 47 Unit Cost $ 82 370 Unit NRV $ 97 285 Exercise 6-13A Part 1 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. Cont of ending inventory (before adjustment Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (L06-6) [The following information applies to the questions displayed below.) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory Quantity Inventory Furniture Electronics 170 Unit Cont $ 82 370 Unit NRV $ 97 285 47 Exercise 6-13 A Part 2 2. Calculate ending inventory using the lower of cost and net realizable value. Lower of Cost and NRV per Inventory Quantity Ending Inventory unit Furniture Electronics Exercise 6-13A Part 3 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 1 Record the adjustment for inventory. Note: Enter debits before credits Transaction General Journal Dobit Credit 1 Record entry Clear entry View general Journal CO Prev In S HE Next > Required information Exercise 6-14A Calculate inventory using lower of cost and net realizable value (L06-6) (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 Quantity Unit Cont Unit NRV Shirts $ 65 $ 75 HogaDriver 410 MegaDriver II 375 470 40 20 35 275 Exercise 6-14A Part 1 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. Cont of ending inventory (nofore adjustment) Help Required information Exercise 6-14A Calculate inventory using lower of cost and net realizable value (L06-6) [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 40 20 35 Unit Cost $ 65 410 375 Unit NRV $ 75 275 470 Exercise 6-14A Part 2 2. Calculate ending inventory using the lower of cost and net realizable value Inventory Quantity Lower of Cost and NRV Ending Inventory Shirts MegaDriver MegaDriver 11 Exercise 6-14A Part 3 3. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Requir in the first account field.) View transaction list Journal entry worksheet
