The following information on cost and net realizable value of Martinez Ltd's various inventory categories was gathered at December31, 2021:Inventory CategoriesDesktopsTablets and readersLaptopsAccessories and parts(a)Inventory CategoriesDesktopsTablets and readersYour answer is correct.LaptopsCostAccessories and partsTotal valuation$348,900 $328,300167,100222,30097,500Calculate the lower of cost and net realizable value for each inventory category within Martinez's inventory.NRV$$222,500286,40094.700LCNRV32830016710022230094700812400 Your answer is partially correct.Prepare the entry needed to adjust Martinez's inventory value to the lower of cost or net realizable value at December 31, 2021.(List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationCost of Goods SoldInventoryDebit142900Credit142900

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Description: The following information on cost and net realizable value of Martinez Ltd's various inventory categories was gathered at December31, 2021:Inventory CategoriesDesktopsTablets and readersLaptopsAccessories and parts(a)Inventory CategoriesDesktopsTabl

Journal entry is the primary step to record the transaction in the books of accounts. The increase…

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The following information on cost and net realizable value of Martinez Ltd's various inventory categories was gathered at December 31, 2021: Inventory Categories Desktops Tablets and readers Laptops Accessories and parts Cost $348,900 $328,300 167,100 222,300 NRV 97,500 222,500 286,400 94,700

The following information on cost and net realizable value of Martinez Ltd's various inventory categories was gathered at December 31, 2021: Inventory Categories Desktops Tablets and readers Laptops Accessories and parts Cost $348,900 $328,300 167,100 222,300 NRV 97,500 222,500 286,400 94,700

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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