Part 1
a |
Individual items |
$30180 |
b |
Category |
$22080 |
Individual items |
Allowance |
|
A |
2640 |
(13000-10360) |
B |
6600 |
(54200-47600) |
C |
0 |
(44200-52300) |
D |
2840 |
(18900-16060) |
E |
18100 |
(23600-5500) |
F |
0 |
(50800-50800) |
Total |
30180 |
Category |
||
A-C |
1140 |
(111400-110260) |
D-F |
20940 |
(93300-72360) |
$22080 |
Part 2
No. |
General journal |
Debit |
Credit |
1 |
By individual items |
||
Holding loss on inventory |
30180 |
||
Allowance to reduce inventory to LC/NRV |
30180 |
||
2 |
By category |
||
Holding loss on inventory |
22080 |
||
Allowance to reduce inventory to LC/NRV |
22080 |
Part 3
No. |
General journal |
Debit |
Credit |
1 |
By individual items |
||
Allowance to reduce inventory to LC/NRV |
13580 |
||
Holding loss on inventory (30180-16600) |
13580 |
||
2 |
By category |
||
Allowance to reduce inventory to LC/NRV |
10520 |
||
Holding loss on inventory (22080-11560) |
10520 |
Individual items |
Allowance |
|
A |
2560 |
(5600-3040) |
B |
2480 |
(18200-15720) |
C |
0 |
(54600-65150) |
D |
3180 |
(16100-12920) |
E |
5700 |
(5800-100) |
F |
2680 |
(61200-58520) |
Total |
16600 |
Category |
||
A-C |
0 |
(78400-83910) |
D-F |
11560 |
(83100-71540) |
11560 |
this is all one question. The records of Loren Movers Ltd. contained the following Inventory data:...
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