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, Swing (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 View transaction list Quantity 37 17 32 Record any necessary adjusting entry for the lower of cost and net realizable value. te: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet 1 Unit Cost $60 380 400 Unit NRV $72 310 440 Note: Enter debits before credits. Record any necessary adjusting entry for the lower of cost and net realizable value.
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, Swing (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 View transaction list Quantity 37 17 32 Record any necessary adjusting entry for the lower of cost and net realizable value. te: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet 1 Unit Cost $60 380 400 Unit NRV $72 310 440 Note: Enter debits before credits. Record any necessary adjusting entry for the lower of cost and net realizable value.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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, Swing (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
View transaction list
Quantity
37
17
32
Record any necessary adjusting entry for the lower of cost and net realizable value.
te: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
Journal entry worksheet
1
Unit Cost
$60
380
400
Note: Enter debits before credits.
Transaction
1
Record any necessary adjusting entry for the lower of cost and net realizable
value.
Unit NRV
$72
310
440
General Journal
▼
Debit
Credit
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