Do not give answer in image 56Question 2/2Anderson Company uses LIFO to manage inventory and COGS.Fill in all blank sections of the table below and make journal entries necessary to write down the inventory items(if necessary)78ApplesBananasB16Selling PriceEstimatedSelling Costs$100 $$200 $910 Journal entry to write down Apples:11121314 Journal Entry to write down Bananas:151525ENRVFNormal ProfitMargin (10%of sellingpriceNRV - PMReplacement Initial Cost$$70 $165$90180

The net realizable value is computed by deducting the estimated selling cost from the selling price.…

5 Question 2/2 Anderson Company uses LIFO to manage inventory and COGS. Fill in all blank sections of the table below and make journal entries necessary to write down the inventory items (if necessary) 6 7 8 Apples Bananas Selling Price Estimated Selling Costs $100 $ $200 $ 9 10 Journal entry to write down Apples: 11 12 13 14 Journal Entry to write down Bananas: 15 15 25 D NRV F Normal Profit Margin (10% of selling price NRV - PM G Replacement Initial Cost $ $ 70 $ 165 $ 90 180

5 Question 2/2 Anderson Company uses LIFO to manage inventory and COGS. Fill in all blank sections of the table below and make journal entries necessary to write down the inventory items (if necessary) 6 7 8 Apples Bananas Selling Price Estimated Selling Costs $100 $ $200 $ 9 10 Journal entry to write down Apples: 11 12 13 14 Journal Entry to write down Bananas: 15 15 25 D NRV F Normal Profit Margin (10% of selling price NRV - PM G Replacement Initial Cost $ $ 70 $ 165 $ 90 180

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.4C

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