- Required Information The Following Information Applies To The Questions Displayed Below Trends By Tiffany Sells High E 1 (37.02 KiB) Viewed 82 times
- Required Information The Following Information Applies To The Questions Displayed Below Trends By Tiffany Sells High E 2 (37.5 KiB) Viewed 82 times
- Required Information The Following Information Applies To The Questions Displayed Below Trends By Tiffany Sells High E 3 (50.87 KiB) Viewed 82 times
! Required information [The following information applies to the questions displayed below] Trends by Tiffany sells high-end leather purses. The company has the following inventory transactions for the year, Date Transactions Jan. 1 Units Unit Cost Total Cost Beginning inventory 19 Apr. 9 $310 Purchase 55,890 11 Oct. 4 330 3,630 Purchase 11 360 3,960 41 Jan. 1-Dec. 31 $13,480 Sales 33 Because trends in purses change frequently, Trends by Tiffany estimates that the remaining eight purses have a net realizable value at December 31 of only $160 each 2. Using LIFO, calculate ending inventory and cost of goods sold Ending Inventory Cost of goods sold
3-o. Determine the amount of ending inventory to report using lower of cost and net realizable value Lower of Cost and NRV FIFO 3-b. Record any necessary adjustment under (a) FIFO (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for inventory under FIFO. Note: Enter debit before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal