not sure what the journal entries are??? ngagenow.com/makeAssignmentakeAssignmen

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not sure what the journal entries are???

ngagenow.com/makeAssignmentakeAssignment and invoker assignments&takeAssignmentsessionLocator-assignment-take;&nprogress; M t Exer eBook Video Calculator Instructions Inventory Valuation Journal Entries Instructions Lower-of-Cost-or-Market or th e weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent 1. Calculate the total amoun t to be assigned to the ending inventory under each of the flowing periodic inventory methods 2. Ass ume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20-, was $26. Calculate the total amount e ending inventory on December 31 under each of the following methods. I entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required pe "No entry required" in the account name box and leave the amount boxes blank or enter "o ) Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31 Units 10 10 Unit Price Total Cost Jan. 1 Beginning inventory $18 $180 Mar. 5 1st purchase

Explanation / Answer

Part 3(a0 – Journal Entry

Market Value = 10 Units x $26 = $260

Cost of Inventory = 10 Units x 30 = $300

Lower of cost or market value is market value. hence we need to adjust the inventory value to $260. Following entry is to be passed.

General Journal

Debit

Credit

a)

Loss from write-down of inventory (300 - 260)

$40

   Merchandise Inventory

$40

b. Under weighted average method

Lower of cost or market price is taken as inventory value.

Market Price = $26 per unit x 10 = $260

Cost of Inventory = $237.50

Cost is less than market price, hence cost is taken as inventory value.

NO JOURNAL ENTRY IS REQUIRED..

General Journal

Debit

Credit

a)

Loss from write-down of inventory (300 - 260)

$40

   Merchandise Inventory

$40

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