Req 1 Req 2A Req 28 Assuming the inventory write-downs are usual business practi
ID: 2568972 • Letter: R
Question
Req 1 Req 2A Req 28 Assuming the inventory write-downs are usual business practice for Decker, record any necessary year-end adjusting entry (If no entry is required for a tra select "No journal entry required" In the first account field.) View transaction ist Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Decker Company Note: Enter debits before credits DebitCredit Record entry Clear entry View general journal Prey 10f 4ll Next > MacBook Air 5 6 9
Explanation / Answer
Product Quantity Cost Selling Price Commision NRV per unit Total Cost Total NRV LCNRV 10% A 1040 22 30 3 27 22880 28080 22880 B 850 27 30 3 27 22950 22950 22950 C 800 4 10 1 9 3200 7200 3200 D 400 9 8 0.8 7.2 3600 2880 2880 E 800 26 25 2.5 22.5 20800 18000 18000 Total 73430 79110 69910 Req 1: Ending valuation (on individual basis) 69910 Req 2: Ending valuation is valued as follows: Total Cost 73430 Total NRV 79110 Whichever is less Ending Inventory valuation is $ 73,430 Req 3: Total Cost : 73430 Valuation of Ending inventory(on individual basis) $ 69910 Loss of Valuation ( 73430-69910) $3520 Loss on valuation of Inventory Dr. 3520 Merchandise Inventory Cr. 3520
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