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Required Information [The following information applies to the questions displayed below) A company like Golf USA that sells golf-related Inventory typically will have inventory items

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Required Information [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 11 Quantity 30 16 31 Unit Cost 961 370 355 Un NRV 71 255 630 Required: 1. Calculate the total recorded cost of ending Inventory before any adjustments. Cost of ending Inventory before adjustment) Required information [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. Quantity Inventory Shirts MegaDriver MegaDriver 11 16 Unit Cout $ 61 370 355 Unit NRV $ 71 255 430 31 2. Calculate ending inventory using the lower of cost and net realizable value. Quantity Lower of Cost and NRV Ending Inventory Inventory Shirts MegaDriver MegaDriver II Required information 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 General Journal Transaction 1 Debit Credit Prou $8

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