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Prepare journal entry to adjust inventory

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The inventory of royal decking consisted of six products. The inventory of royal decking has developed the following data in order to calculate the lower of cost or net realizable value for its products. The products are listed individually (in thousands)

Products

Selling Price

Cost

Replacement Cost

A

190

105

90

B

240

170

160

C

280

185

180

D

365

345

330

E

190

145

133

F

240

175

180

The disposal costs are 20% of the selling price and the normal profit margin on all product is 30% of the selling price.

Required:

Question a. Compute the lower of cost -or- net- realizable value by individual item classification, and in total.

Question b. Prepare the journal entry to adjust inventory using total inventory approach

Reference no: EM132467006

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