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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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: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
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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