The following information applies to the questions displayed below A company lik

Question

The following information applies to the questions displayed below A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are amounts related to Golf USA's inventory at the end of the year, Inventory Shirts Cost NRV S 63 390 365 $73 265 450 MegaDriver ll

Explanation / Answer

Adjusment entry TR General Journal Debit Credit 1) cost of goods sold 2250 Merchandise inventory 2,250 (390-265)*18

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