Question

Journal entry worksheet < 1 Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal 1 Debit Credit Record entry Clear entry View general journal

Answer 1

Inventory	Cost (A)	NRV	Lower of Cost and NRV (B)	Quantity (C)	Ending Inventory at lower of Cost and NRV    (B * C)	Total Cost of Inventory (A * C)
Furniture	90	105	90	250	22,500	22,500
Eletronics	450	325	325	55	17,875	24,750
				Total	$40,375	$47,250

Adjusting journal entry for inventory is as follows:

Date	Account and Explanation	Debit ($)	Credit($)
	Cost of Goods Sold ($47,250 - $40,375 )	6,875
	Inventory		6,875
	(Recorded the djusting journal entry for inventory )