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Calculation of inventory at the lower of cost

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Reference no: EM131715452

Intermediate Financial Reporting Assignment

PROJECT - Jassal Music Inc. is located in Edmonton, Alberta, and reports its financial information using IFRS. The company has six primary lines of business:

It sells musical instruments.

It sells related music products (including sheet music, strings, replacement parts, cases). It has a school rental program (for musical instruments).

It provides music lessons.

It tunes and repairs musical instruments.

It sells a specialty brand line of Allegro Quality Instruments.

The company has eight staff members, all of whom (except for you, the accountant) teach music and work in the sales area when they are not teaching. The company's unadjusted trial balance at December 31, 20X4.

Required: Submit the following:

1. A list of the adjusting journal entries with supporting calculations as necessary.

2. A calculation of inventory at the lower of cost or net realizable value.

3. An adjusted trial balance (year-end working paper) based on the adjusting journal entries made in requirement 1).

Attachment:- Project.rar

Reference no: EM131715452

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