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 (a 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 Quantity Unit Cost Unit NRV 42 $65 $77 MegaDriver 22 430 380 MegaDriver II 37 450 490 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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 (a 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 Quantity Unit Cost Unit NRV 42 $65 $77 MegaDriver 22 430 380 MegaDriver II 37 450 490 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter12: Differential Analysis And Product Pricing
Section: Chapter Questions
Problem 2CDQ
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