Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.] Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Quantity 200 Unit Cost Unit NRV Inventory Furniture $ 85 $100 Electronics 50 400 300 Journal entry worksheet 1 Record the adjustment for inventory. Note: Enter debits before credits. General Journal Transaction Debit Credit 1 Record entry Clear entry View general journal
Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.] Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Quantity 200 Unit Cost Unit NRV Inventory Furniture $ 85 $100 Electronics 50 400 300 Journal entry worksheet 1 Record the adjustment for inventory. Note: Enter debits before credits. General Journal Transaction Debit Credit 1 Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
Exercise 6-13A Calculate inventory using lower of cost and net
realizable value (LO6-6)
[The following information applies to the questions displayed below.]
Home Furnishings reports inventory using the lower of cost and net realizable
value (NRV). Below is information related to its year-end inventory.
Quantity
200
Unit Cost
Unit NRV
Inventory
Furniture
$ 85
$100
Electronics
50
400
300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fffc9e855-9ec7-4b7a-bc35-3c60fdd15b39%2F98a8bb15-8b20-4eaa-9972-4dbb3363ff03%2F33yd18s.png&w=3840&q=75)
Transcribed Image Text:Required information
Exercise 6-13A Calculate inventory using lower of cost and net
realizable value (LO6-6)
[The following information applies to the questions displayed below.]
Home Furnishings reports inventory using the lower of cost and net realizable
value (NRV). Below is information related to its year-end inventory.
Quantity
200
Unit Cost
Unit NRV
Inventory
Furniture
$ 85
$100
Electronics
50
400
300
Transcribed Image Text:Journal entry worksheet
1
Record the adjustment for inventory.
Note: Enter debits before credits.
General Journal
Transaction
Debit
Credit
1
Record entry
Clear entry
View general journal
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