rich8017 rich8017

23-10-2021
Business

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1. Which type of inventory has seen the greatest growth in sales prices over the current year? 2. Which type of inventory has seen the greatest decline in sales prices over the current year? 3. Based on the trend lines provided, for which inventory items does management project to sell below its average unit cost in the following year (Hint: Compare projected sales prices to the bar chart showing average unit cost)? 4. Prepare the year-end adjusting entry to record inventory using the lower of cost or net realizable value method (Hint: Be sure to account for the number of units of ending inventory in your calculation).

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topeadeniran2 topeadeniran2

02-11-2021

The type of inventory that has seen the greatest growth in sales prices over the current year is the tables inventory.

The type of inventory that has seen the greatest decline in sales prices over the current year is sofas inventory.

The inventory item that the management projects to sell below its average unit cost in the following year is the sofas inventory.

The year-end adjusting entry to record inventory will be $23595.

Inventory: Dressers

Projected sales price $870

Average unit cost $810

Inventory: Chairs

Projected sales price $658

Average unit cost $320

Inventory: Sofas

Projected sales price $1177

Average unit cost $1540

Inventory: Tables

Projected sales price $2676

Average unit cost $1670

From the information above, we can see that the average unit cost for sofas is more than the projected sales price. Therefore, the inventory item that the management projects to sell below its average unit cost in the following year is the sofas inventory.

The year-end adjusting entry to record inventory will be:

Debit Cost of goods sold ($1540 - $1177) × 65 = $23595

Credit Inventory-Sofas = $23595

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