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Calculate Marigold inventory at the lower of cost

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Problem - Marigold Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2018:

Coffee Bean

Units

Unit Cost

Net Realizable Value

Coffea arabica

10,000 bags

$5.60

$5.55

Coffea robusta

4,700 bags

3.40

3.50

Required -

1. Calculate Marigold's inventory at the lower of cost and net realizable value.

2. Prepare journal entry required to record the LCNRV, assuming that Marigolduses a perpetual inventory system.

Reference no: EM132473021

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