Please solve PART B) Prepare the adjusting journal entry required, if any, to re

Question

Please solve PART B)

Prepare the adjusting journal entry required, if any, to record the decine in value of the inventory. (Credit account ties ae automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit t of Goods Sold 27D0 Inventory 2700 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used (b) If Pina Music has the same inventory on hand at December 31, 2018, with a net realizable value of $56,000, what amount should it report its inventory at on that date? Inventory s

Explanation / Answer

Answer to Part B

Pina Music should report its inventory at cost or net realisable value, whichever is lower.

But in present case, cost is not provided, therefore assuming cost is more than $56000, it should report lower i.e. $56000.

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