The following is a list of inventory items for Ducard Company on April 30, 20XX.
Item Quantity Unit Cost When Acquired Net Realizable Value
Shoes 12.00 $42.00 $64.00
Sunglasses 23.00 28.00 35.00
Umbrellas 15.00 18.00 12.00
T-Shirts 17.00 8.00 8.00
Hats 28.00 12.00 10.00
Sandals 9.00 15.00 19.00
Boots 14.00 48.00 35.00
Keychains 35.00 $3.00 $5.00
Required
1. Determine the current value of the Inventory.
Item Quantity Unit Cost When Acquired Total Cost
Shoes
Sunglasses
Umbrellas
T-Shirts
Hats
Sandals
Boots
Keychains
Total
2. Use the lower of Cost or Net Realizable Value to determine the how much inventory should be.
Hint: Use the IF() function for the Lower of Cost or NRV.
Item Quantity Lower of Cost or NRV Updated Total
Shoes
Sunglasses
Umbrellas
T-Shirts
Hats
Sandals
Boots
Keychains
Updated Total
3. Create a journal entry to mark down the inventory.
Date Account Debit Credit
30-Apr
Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work.
Nothing in this area will be graded, but it will be submitted with your assignment.
