The controller of Lawn-Man Company is applying the lower of cost and net realizable value of valuing ending inventory. The following information is available: Instructions
a. Prepare a schedule which shows the value of the inventory by applying the lower of cost and net realizable value to each item in inventory.
b. Prepare the journal entry to record any inventory write down required.

Question

The controller of Lawn-Man Company is applying the lower of cost and net realizable value of valuing ending inventory. The following information is available:  Instructions 
a. Prepare a schedule which shows the value of the inventory by applying the lower of cost and net realizable value to each item in inventory.
b. Prepare the journal entry to record any inventory write down required.

Quizplus · Accepted Answer

The Answer of The controller of Lawn-Man Company is applying the lower of cost and net realizable value of valuing ending inventory. The following information is available:  Instructions 
a. Prepare a schedule which shows the value of the inventory by applying the lower of cost and net realizable value to each item in inventory.
b. Prepare the journal entry to record any inventory write down required.

The Controller of Lawn-Man Company Is Applying the Lower of Cost