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Oriole Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 (a) C2 D3 Quantity 180 140 220 90 Inventory Unit Cost $2.80 1.40 Cost of Goods Sold 9.10 6.60 Your answer is partially correct. Account Titles and Explanation Assume that Oriole uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2023, was $3,200 in total. NRV $2.90 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Loss on Inventory Due to Decline in NRV 0.50 Allowance to Reduce Inventory to NRV 10.60 6.50 (To transfer out beginning inventory balance) (To record ending inventory at LC and NRV) Debit 213 213 Credit 213 1 06 213

Oriole Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 (a) C2 D3 Quantity 180 140 220 90 Inventory Unit Cost $2.80 1.40 Cost of Goods Sold 9.10 6.60 Your answer is partially correct. Account Titles and Explanation Assume that Oriole uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2023, was $3,200 in total. NRV $2.90 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Loss on Inventory Due to Decline in NRV 0.50 Allowance to Reduce Inventory to NRV 10.60 6.50 (To transfer out beginning inventory balance) (To record ending inventory at LC and NRV) Debit 213 213 Credit 213 1 06 213

FINANCIAL ACCOUNTING
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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Loss on Inventory is also wrong please don't provide solutions image based thanx
Oriole Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity 180 140 220 90 Inventory Unit Cost $2.80 1.40 Cost of Goods Sold 9.10 6.60 Your answer is partially correct. Account Titles and Explanation Assume that Oriole uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2023, was $3,200 in total. NRV $2.90 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Loss on Inventory Due to Decline in NRV 0.50 Allowance to Reduce Inventory to NRV 10.60 6.50 (To transfer out beginning inventory balance) (To record ending inventory at LC and NRV) Debit 213 213 Credit 213 213
Transcribed Image Text:Oriole Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity 180 140 220 90 Inventory Unit Cost $2.80 1.40 Cost of Goods Sold 9.10 6.60 Your answer is partially correct. Account Titles and Explanation Assume that Oriole uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2023, was $3,200 in total. NRV $2.90 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Loss on Inventory Due to Decline in NRV 0.50 Allowance to Reduce Inventory to NRV 10.60 6.50 (To transfer out beginning inventory balance) (To record ending inventory at LC and NRV) Debit 213 213 Credit 213 213
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