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Required information Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (L05-6) [The following information applies to the questions displayed below] A company like Golf USA that sells golf-related inventory typically will have inventcry itemis susen as goll ciohing: golf equipment. As technology advances the design and performance of the nex generation of chites the ois. models become less marketable and therefore decline in value. Suppose that in the curtent year. Ping manufacturer of golf clubs) introduces the MegaDriver Il, the new and improved version of the Mempin selaning aro vaar-end amounts related to Golf USA's inventory. xercise 614 (Algo) Part 3 Prev 34 of 4 lill Next ? Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before credits. 4. Determine the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be enterkd with minu sign.) Required information Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (L05-6) [The following information applies to the questions displayed below] A company like Golf USA that sells golf-related inventory typically will have inventcry itemis susen as goll ciohing: golf equipment. As technology advances the design and performance of the nex generation of chites the ois. models become less marketable and therefore decline in value. Suppose that in the curtent year. Ping manufacturer of golf clubs) introduces the MegaDriver Il, the new and improved version of the Mempin selaning aro vaar-end amounts related to Golf USA's inventory. xercise 614 (Algo) Part 3 Prev 34 of 4 lill Next ? Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before credits. 4. Determine the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be enterkd with minu sign.)