only 9b question thANKS! 2. Prepare the appropriate entry, if any, for 1(a) and 1(b).View transaction listJournal entry worksheet12>Record the entry to write inventory down to LCNRV (major group).Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Record entryClear entryView general joumal The following information pertalns to the physical inventory of Electronics Unlimited taken at December 31:Per UnitUnits onProductHandCostNRVAudio equipment:Wireless audio receiversTouchscreen MP3 players332247$199$188203223Audio mixers313193177Audio stands19185103Video equipment:Televisions4672532985GB video cards278171183Satellite video recorders199613618Car equipment:GPS navigators172171145Double-DIN Car Deck with iPod/iPhone Control157213198and Aux InputRequlred:1. Calculate the LCNRV for the:a. Inventory by major groupb. Inventory, applied separately to each product.Per UnitLCNRV applied to:b.InventoryItemsSeparatelyto EachProducta.Units on HandCostNRVTotal costTotal NRVMajor GroupAudio equipment:Wireless audio receivers332199188Touchscreen MP3 players247203223

Following the principles of prudence, when the Net realizable value of the Inventory falls below its…

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nly 9b question thANKS!

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6RE: Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal...

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Question

only 9b question thANKS!

2. Prepare the appropriate entry, if any, for 1(a) and 1(b).
View transaction list
Journal entry worksheet
1
2
>
Record the entry to write inventory down to LCNRV (major group).
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Dec 31
Record entry
Clear entry
View general joumal

The following information pertalns to the physical inventory of Electronics Unlimited taken at December 31:
Per Unit
Units on
Product
Hand
Cost
NRV
Audio equipment:
Wireless audio receivers
Touchscreen MP3 players
332
247
$199
$188
203
223
Audio mixers
313
193
177
Audio stands
191
85
103
Video equipment:
Televisions
467
253
298
5GB video cards
278
171
183
Satellite video recorders
199
613
618
Car equipment:
GPS navigators
172
171
145
Double-DIN Car Deck with iPod/iPhone Control
157
213
198
and Aux Input
Requlred:
1. Calculate the LCNRV for the:
a. Inventory by major group
b. Inventory, applied separately to each product.
Per Unit
LCNRV applied to:
b.
Inventory
Items
Separately
to Each
Product
a.
Units on Hand
Cost
NRV
Total cost
Total NRV
Major Group
Audio equipment:
Wireless audio receivers
332
199
188
Touchscreen MP3 players
247
203
223

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