Sunland Corporation had the following items in inventory as at December 31, 2023: Item No. ૬ ૪ ૪ 84 (a) Quantity 120- 110 A 190 120 " Unit Cost Inventory $3.20 1.70 Inventory 8.50 7.50 Your answer is partially correct. Assume that Sunland uses a periodic inventory system, and that none of the inventory items can be grouped together for accounti purposes. The opening inventory on January 1, 2023, was $3,200 in total. Account Titles and Explanation Allowance to Reduce Inventory to NRV NRV $3.80 1.10 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) 10.30 7.10 (To transfer out beginning inventory balance) Allowance to Reduce Inventory to NRV (To record ending inventory at LC and NRV) Debit Credit 48 66 10 00 48

Sunland Corporation had the following items in inventory as at December 31, 2023: Item No. ૬ ૪ ૪ 84 (a) Quantity 120- 110 A 190 120 " Unit Cost Inventory $3.20 1.70 Inventory 8.50 7.50 Your answer is partially correct. Assume that Sunland uses a periodic inventory system, and that none of the inventory items can be grouped together for accounti purposes. The opening inventory on January 1, 2023, was $3,200 in total. Account Titles and Explanation Allowance to Reduce Inventory to NRV NRV $3.80 1.10 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) 10.30 7.10 (To transfer out beginning inventory balance) Allowance to Reduce Inventory to NRV (To record ending inventory at LC and NRV) Debit Credit 48 66 10 00 48

Name: Sunland Corporation had the following items in inventory as at Decemb
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Description: Sunland Corporation had the following items in inventory as at December 31, 2023:Item No.A184C2D3(a)Quantity4120110190120Inventory1UnitCost$3.20Inventory1.708.507.50Your answer is partially correct.Assume that Sunland uses a periodic inventory syste

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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Someone gave me this answer : cost of ending inventory : 26,300 Cost of goods sold: 36,370 And it is not correct