A company like Golf USA that sells golf-related inventory typically will have inventory itenis such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year. Ping in manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II Quantity 41 21 36 xercise 6-14 (Algo) Part 3 Unit Cost $60 420 440 Unit NRV $76 350 480 Prev B 34 Next > Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry
A company like Golf USA that sells golf-related inventory typically will have inventory itenis such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year. Ping in manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II Quantity 41 21 36 xercise 6-14 (Algo) Part 3 Unit Cost $60 420 440 Unit NRV $76 350 480 Prev B 34 Next > Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
H1.
Account
Transcribed Image Text:Journal entry worksheet
1
Record any necessary adjusting entry for inventory.
Note: Enter debits before credits.
Transaction
1
Show Transcribed Text
Revenues
Assets
General Journal
Inventory
Exercise 6-14 (Algo) Part 4
4. Determine the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus
sign.)
Income Statement:
Balance Sheet:
Expenses
Debit Credit
Liabilities
H
Net income
Next
Stockholpers
Equity
![Required information
Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (L06-6)
[The following information applies to the questions displayed below]
A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and
golf equipment. As technology advances the design and performance of the next generation of drivers, the older
models become less marketable and therefore decline in value. Suppose that in the current year, Ping (
manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver Below
are year-end amounts related to Golf USA's inventory.
Inventory
Shirts
MegaDriver
MegaDriver II
Quantity
41
21
36
Exercise 6-14 (Algo) Part 3
Unit Cost
$60
420
440
Unit NRV
$76
350
480
< Prev
B
3
4
of 4
Next >
3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F32c0cfc8-ebc2-43a6-9c48-ae841504d819%2F808d93ea-fc3e-4c8d-bff4-bda9a6be239d%2Fd9r10us_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (L06-6)
[The following information applies to the questions displayed below]
A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and
golf equipment. As technology advances the design and performance of the next generation of drivers, the older
models become less marketable and therefore decline in value. Suppose that in the current year, Ping (
manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver Below
are year-end amounts related to Golf USA's inventory.
Inventory
Shirts
MegaDriver
MegaDriver II
Quantity
41
21
36
Exercise 6-14 (Algo) Part 3
Unit Cost
$60
420
440
Unit NRV
$76
350
480
< Prev
B
3
4
of 4
Next >
3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry
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