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 27 21 22 3. Record any necessary adjusting entry for the lower of cost and net realizable value. Note: 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 $50 280 310 Note: Enter debits before credits. Transaction 1 Record any necessary adjusting entry for the lower of cost and net realizable value. Unit NRV $62 200 340 General Journal Debit Credit

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.