Required Information (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 (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. Unit NRV $61 Inventory Quantity Unit cost Shirts 26 $55 MegaDriver MegaDriver II 20 270 210 21 310 330 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.)
Required Information (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 (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. Unit NRV $61 Inventory Quantity Unit cost Shirts 26 $55 MegaDriver MegaDriver II 20 270 210 21 310 330 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.)
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4CP
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