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10/27pt1 M7-15 PREPARING THE JOURNAL ENTRY TO RECORD LOWER OF COST OR...

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Accounting

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M7-15 PREPARING THE JOURNAL ENTRY TO RECORD LOWER OF COST OR MARKET/NET REALIZABLE VALUE (LCM/NRV) ADJUSTMENT LO 7-4 During fiscal 2014, BlackBerry Limited wrote down its BB10 smartphone inventory by approximately $1,700,000,000 because its cost exceeded its net realizable value. Show the effects of this adjustment on the accounting equation and show the journal entry the company would have made to record it. M7-18 CALCULATING THE INVENTORY TURNOVER RATIO AND DAYS TO SELL LO7-5 Solve for the missing information designated by "?" in the following table. Round the Inventory Turnover Ratio and Days to Sell to one decimal

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