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Journal entry worksheet 1 23 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit save master clear View general journal > Journal entry worksheet < 1 2 3 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit save master clear View general journal >

Journal entry worksheet 1 23 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit save master clear View general journal > Journal entry worksheet < 1 2 3 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit save master clear View general journal >

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 9PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...
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Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows:

Inventory, by Product Category Quantity Per Unit Cost Market
Furniture:      
Chairs 50 $ 26 $ 32
Desks 20 74 59
Tables 70 85 93
Accessories:      
Rugs 50 61 49
Lamps 30 23 19

Required: 

(already completed this part)

  1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory.
  2. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1.

Stuck here: 

Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products, product categories, total inventory.

 

Journal entry worksheet 1 23 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit save master clear View general journal >
Transcribed Image Text:Journal entry worksheet 1 23 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit save master clear View general journal >
Journal entry worksheet < 1 2 3 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit save master clear View general journal >
Transcribed Image Text:Journal entry worksheet < 1 2 3 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit save master clear View general journal >
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