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M Inventory Valuation (10 Marks Gifts for You Store reported the following cost and not realizabile vile indormation for its toy intory at March 31, 2021 Net Reliable Value (NAV) Inventory Valuation ILNIMI Inventory Historical cost Dolls Workspace Sally Smiles S 27.000 $ 25,000 Barbie's Besties 5 20.00 24.000 Ken's Cousin S 6.000 9,000 Puzzles: 7,000 Small 50 piece puzzle S 7,000 Large 100 piece puzzle 5 12.000 6 10,000 Trucks: Fire Truck with Sound s 35,000 $ 27,000 32,000 Police Paddy Wagon 5 26.000 Ratio Analysis Long Term Assets Long les Section (MCO) Inventory - Valuation ver Sheet Section (MCO) Section (MCO) Inventory costing 11. 17 a) Apply the lower of cost and net realizable value nile on an individual item basis to calculate the ending into balance that should be reported on the December 31, 2019 Balance Sheet (Note: Use the workspace in the third column above) 18 Marks 19 Is a journal entry needed at December 31, 2019 to adjust the value of inventory if items are analyzed on an individual basis? Why or why not? b) PO 3 Marks Prepare the adjusting journal entry needed at December 31, 2019 (if any). c) Debit Credit 3 Marks Account . Athenean necha marthening balance that the sheer IN U the the third Mars Devember 31, 2018 to adjust the value of new items and on individual has? Whyer why not? 20 Mai 21 222 7 Prepare the adjusting journal entry needed at December 31, 2019 of any) e Account Debit Credit Marks Click on next tab Long Term Asset Ratio Analysis Inventory - costing Section (MCO) Section (MCO) Long Term Assets Long ter Ever Sheet Section (MCO) Inventory - Valuation dam Wadbooks M Inventory Valuation (10 Marks Gifts for You Store reported the following cost and not realizabile vile indormation for its toy intory at March 31, 2021 Net Reliable Value (NAV) Inventory Valuation ILNIMI Inventory Historical cost Dolls Workspace Sally Smiles S 27.000 $ 25,000 Barbie's Besties 5 20.00 24.000 Ken's Cousin S 6.000 9,000 Puzzles: 7,000 Small 50 piece puzzle S 7,000 Large 100 piece puzzle 5 12.000 6 10,000 Trucks: Fire Truck with Sound s 35,000 $ 27,000 32,000 Police Paddy Wagon 5 26.000 Ratio Analysis Long Term Assets Long les Section (MCO) Inventory - Valuation ver Sheet Section (MCO) Section (MCO) Inventory costing 11. 17 a) Apply the lower of cost and net realizable value nile on an individual item basis to calculate the ending into balance that should be reported on the December 31, 2019 Balance Sheet (Note: Use the workspace in the third column above) 18 Marks 19 Is a journal entry needed at December 31, 2019 to adjust the value of inventory if items are analyzed on an individual basis? Why or why not? b) PO 3 Marks Prepare the adjusting journal entry needed at December 31, 2019 (if any). c) Debit Credit 3 Marks Account . Athenean necha marthening balance that the sheer IN U the the third Mars Devember 31, 2018 to adjust the value of new items and on individual has? Whyer why not? 20 Mai 21 222 7 Prepare the adjusting journal entry needed at December 31, 2019 of any) e Account Debit Credit Marks Click on next tab Long Term Asset Ratio Analysis Inventory - costing Section (MCO) Section (MCO) Long Term Assets Long ter Ever Sheet Section (MCO) Inventory - Valuation dam Wadbooks