Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its...
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Accounting
Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31:
| Cameras: | Units | Unit Cost | Unit NRV | |||
| Sony | 4 | $175 | $160 | |||
| Canon | 8 | 150 | 152 | |||
| Light Maters: | ||||||
| Gossen | 12 | 135 | 139 | |||
| Sekonic | 10 | 115 | 110 |
a) Determine the lower of cost and net realizable value of the ending inventory
b) Prepare the adjusting journal entry required, If any, to record the lower of cost and net realizable value of the inventory assuming Calabogie Camera shop uses a perpetual inventory system
c) a physical inventory count at December 31 found that two of the Canon cameras were badly damaged. It was determined that they had no resale value. Prepare the adjusting entry required, if any, to record the damaged cameras.
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