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 Quantity Unit Cost Unit NRV 42 $65 $77 MegaDriver 22 430 380 MegaDriver II 37 450 490 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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 Quantity Unit Cost Unit NRV 42 $65 $77 MegaDriver 22 430 380 MegaDriver II 37 450 490 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Sagar
![!
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 Mega Driver II, the new and improved version of the MegaDriver. Below are year-end amounts
related to Golf USA's inventory.
Inventory
Quantity
Unit Cost
Unit NRV
Shirts
42
$65
$77
MegaDriver
22
430
380
MegaDriver II
37
450
490
3. Record any necessary adjusting entry 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 any necessary adjusting entry for inventory.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
View general journal
Record entry
Clear entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6c1d08f6-0dd5-4ddb-871b-e7398ddae33e%2F8804f1d6-5f84-4f5f-beaa-49e480bb905e%2Fvn1i5k7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
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 Mega Driver II, the new and improved version of the MegaDriver. Below are year-end amounts
related to Golf USA's inventory.
Inventory
Quantity
Unit Cost
Unit NRV
Shirts
42
$65
$77
MegaDriver
22
430
380
MegaDriver II
37
450
490
3. Record any necessary adjusting entry 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 any necessary adjusting entry for inventory.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
View general journal
Record entry
Clear entry
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education