A company reports inventory using the lower cost and net realizable value. Below is information related to its year-end inventory: Inventory Quantity Cost NRV Unit A 15 $38 $40 Unit B 23 41 38 Unit C 17 29 33 Unit D 20 15 14 a. Calculate ending inventory under the lower of cost and net realizable value. b. Prepare the necessary adjusting entry to inventory as a journal entry worksheet.
A company reports inventory using the lower cost and net realizable value. Below is information related to its year-end inventory: Inventory Quantity Cost NRV Unit A 15 $38 $40 Unit B 23 41 38 Unit C 17 29 33 Unit D 20 15 14 a. Calculate ending inventory under the lower of cost and net realizable value. b. Prepare the necessary adjusting entry to inventory as a journal entry worksheet.
A company reports inventory using the lower cost and net realizable value. Below is information related to its year-end inventory: Inventory Quantity Cost NRV Unit A 15 $38 $40 Unit B 23 41 38 Unit C 17 29 33 Unit D 20 15 14 a. Calculate ending inventory under the lower of cost and net realizable value. b. Prepare the necessary adjusting entry to inventory as a journal entry worksheet.
Transcribed Image Text:A company reports inventory using the lower cost and net realizable value. Below is information
related to its year-end inventory:
Inventory Quantity Cost NRV
Unit A
15
$38 $40
Unit B
23
41
38
Unit C
17
29
33
Unit D
20
15
14
a. Calculate ending inventory under the lower of cost and net realizable value.
b. Prepare the necessary adjusting entry to inventory as a journal entry worksheet.
Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.
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