Below is a statement of inventory for a candle shop, given on May 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Cost NRV LCNRV applied to Product Quantity Per Unit Total for Per Unit Total for product product Items Group Blue Scented Candles 29 9.30 9.50 Red Votive Candles Red Unscented Candles 28 7.75 8.20 23 8.30 7.40 Green Votive Candles 24 6.35 Purple Scented Candles Totals 24 9.35 10.15 b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan) Leave the entry blank if no adjusting entry is required. Page GJ8 Credit General Journal Date Account/Explanation F Debit

Below is a statement of inventory for a candle shop, given on May 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Cost NRV LCNRV applied to Product Quantity Per Unit Total for Per Unit Total for product product Items Group Blue Scented Candles 29 9.30 9.50 Red Votive Candles Red Unscented Candles 28 7.75 8.20 23 8.30 7.40 Green Votive Candles 24 6.35 Purple Scented Candles Totals 24 9.35 10.15 b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan) Leave the entry blank if no adjusting entry is required. Page GJ8 Credit General Journal Date Account/Explanation F Debit

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Description: Ccid%3D11210Below is a statement of inventory for a candle shop, given on May 31.a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group.CostProductPer UnitNRVLCNRV applied

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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vi.3
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please solve with the FIFO method ( question 2)
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