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Sandhill Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity 120 120 150 210 Unit Cost $3.00 1.90 9.00 7.00 NRV $3.50 1.70 Account Titles and Explanation 10.30 6.20 Assume that Sandhill 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. 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) (To transfer out beginning inventory balance) Debit Credit |||

Sandhill Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity 120 120 150 210 Unit Cost $3.00 1.90 9.00 7.00 NRV $3.50 1.70 Account Titles and Explanation 10.30 6.20 Assume that Sandhill 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. 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) (To transfer out beginning inventory balance) Debit Credit |||

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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Sandhill Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity 120 120 150 210 Unit Cost $3.00 1.90 9.00 7,00 NRV $3.50 1.70 Account Titles and Explanation 10.30 6.20 Assume that Sandhill 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. 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.) (To transfer out beginning inventory balance) Debit Credit
Transcribed Image Text:Sandhill Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity 120 120 150 210 Unit Cost $3.00 1.90 9.00 7,00 NRV $3.50 1.70 Account Titles and Explanation 10.30 6.20 Assume that Sandhill 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. 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.) (To transfer out beginning inventory balance) Debit Credit
Assume that Sandhill 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. 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.) Account Titles and Explanation (To transfer out beginning inventory balance) (To record ending inventory at LC and NRV) Account Titles and Explanation (To transfer out beginning inventory balance) Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the indirect 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.) (To record ending inventory at cost) Debit (To write-down inventory to lower NRV) Credit Debit 100 Credit
Transcribed Image Text:Assume that Sandhill 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. 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.) Account Titles and Explanation (To transfer out beginning inventory balance) (To record ending inventory at LC and NRV) Account Titles and Explanation (To transfer out beginning inventory balance) Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the indirect 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.) (To record ending inventory at cost) Debit (To write-down inventory to lower NRV) Credit Debit 100 Credit
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