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  3. below is a statement of inventory for a candle sho

Below is a statement of inventory for a candle shop, given on August 31 a)...

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Accounting

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Below is a statement of inventory for a candle shop, given on August 31 a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group Cost NRV LCNRV applied to Product Quantity Per Unit Total for Per Unit Total for product Items product Group Blue Votive Candles 17 7.45 7.85 Red Scented Candles 21 5.40 6 Blue Scented Candles 10 10.35 9.60 Purple Scented Candles 21 8.90 9.50 Purple Unscented Candles 27 5.30 5.95 Totals b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required General Journal Page GJS Date Account/Explanation F Debit Credit c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required General Journal Page GJS Account/Explanation F Debit Credit Date

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