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View transaction list Journal entry worksheet 1 2 Record the entry to write inventory down to LC

View transaction list Journal entry worksheet 1 2 Record the entry to write inventory down to LC

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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2. Prepare the appropriate entry, if any, for 1(a) and 1(b). View transaction list Journal entry worksheet 2 Record the entry to write inventory down to LCNRV (major group). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
Transcribed Image Text:2. Prepare the appropriate entry, if any, for 1(a) and 1(b). View transaction list Journal entry worksheet 2 Record the entry to write inventory down to LCNRV (major group). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
The following Information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Units on Product Hand Cost NRV Audio equipment: wireless audio receivers 332 $199 $188 Touchscreen MP3 players Audio mixers 247 203 223 313 193 177 Audio stands 191 85 103 Video equipment: Televisions 467 253 298 5GB video cards 278 171 183 Satellite video recorders 199 613 618 Car equipment: GPS navigators Double-DIN Car Deck with iPod/iPhone Control 172 171 145 157 213 198 and Aux Input Required: 1. Calculate the LCNRV for the: a. Inventory by major group b. Inventory, applied separately to each product. Per Unit LCNRV applied to: b. Units on Inventory Items Separately to Each Product a. Cost NRV Total cost Total NRV Hand Major Group Audio equipment: Wireless audio receivers 332 199 188 Touchscreen MP3 players 247 203 223 Audio mixers 313 193 177
Transcribed Image Text:The following Information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Units on Product Hand Cost NRV Audio equipment: wireless audio receivers 332 $199 $188 Touchscreen MP3 players Audio mixers 247 203 223 313 193 177 Audio stands 191 85 103 Video equipment: Televisions 467 253 298 5GB video cards 278 171 183 Satellite video recorders 199 613 618 Car equipment: GPS navigators Double-DIN Car Deck with iPod/iPhone Control 172 171 145 157 213 198 and Aux Input Required: 1. Calculate the LCNRV for the: a. Inventory by major group b. Inventory, applied separately to each product. Per Unit LCNRV applied to: b. Units on Inventory Items Separately to Each Product a. Cost NRV Total cost Total NRV Hand Major Group Audio equipment: Wireless audio receivers 332 199 188 Touchscreen MP3 players 247 203 223 Audio mixers 313 193 177
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