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Igoryamba
3 years ago
9

On April 1, Robert LLC purchased two units of inventory, A and B. The cost of unit A was $655, and the cost of unit B was $575.

On April 30, Robert LLC had not sold the inventory. The net realizable value of unit A was now $675 while the net realizable value of unit B was $505. The adjustment associated with the lower of cost and net realizable value on April 30 will be:
Cost of Goods Sold 70 Inventory 70Inventory 70 Cost of Goods Sold 70Cost of Goods Sold 85 Inventory 85Inventory 85
Cost of Goods Sold 85
Business
1 answer:
Reil [10]3 years ago
3 0

Answer:

Cost of Goods Sold 70 Inventory 70

Explanation:

For recording the inventory in the book of accounts, we consider the cost or net realizable value whichever is lower

According to the question, the inventory unit for A would be recorded at $655, and the inventory unit for B would be recorded at $505 as these reflect the lower cost.

The journal entry is shown below:

Cost of goods sold A/c $70 ($575- $505)

    To Inventory A/c               $70

(Being adjusted entry recorded)

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3 years ago
The following transactions took place for Tanaka company in June: Purchased equipment on account for $9,800. Billed customers $5
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If income increases by 10% and, in response, the quantity of housing demanded increases by 7%, then the income elasticity of dem
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