Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ivanhoe corporation had the following items in inv

Ivanhoe Corporation had the following items in inventory as at December 31, 202 Unit Cost...

90.2K

Verified Solution

Question

Accounting

image
image
image
Ivanhoe Corporation had the following items in inventory as at December 31, 202 Unit Cost Item No. Quantity NRV A1 160 $2.80 $3.00 B4 130 1.30 0.70 C2 200 9.30 10.50 D3 110 6.50 6.30 Assume that Ivanhoe uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2020, was $3,200 in total. Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (Credit account titles are 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 for the amounts.) Direct Method: Debit Credit Date Account Titles and Explanation December 31, 2020 (To transfer out beginning inventory balance) December 31, 2020 (To record ending inventory at LC and NRV) Indirect Method: Date Account Titles and Explanation Debit Credit December 31, 2020 (To transfer out beginning inventory balance) December 31, 2020 (To record ending inventory at cost) December 31, 2020 (To write-down inventory to lower NRV)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

How will you prepare 250 mL of 0.01 M NaOH from NaOH pellets? Please describe in...

Chemistry
Q

How Does the Ratio of Sand to Cement Affect the Strength of Concrete? Explain in details

Civil Engineering
Q

A particle moves along a straight line with an acceleration a=2v1/2m/s2, where v is in m/s. If...

Mechanical Engineering
Q

In what ways do you agree or disagree with Aristotle’s virtue ethics? What reasons can you...

Psychology
Q

Q1.a) Assume known that 857 and 503 are primes. Determine whether 503 is a quadratic residue...

Advance Math
Q

Using what you know about angles and translations find all of the angle measures in...

Geometry
Q

The periodic inventory records of Synergy Prosthetics indicate the following for the month...

Accounting
Q

Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures...

Accounting
Q

(Use cells A2 to E32, as well as any yellow input cells from the Flexible...

Accounting
Q

Old MathJax webview ...

Accounting
Q

Comparative financial statements for The Pharoah Company Ltd. are shown below. ...

Accounting
Q

"Blast it!" said David Wilson, president of Teledex Company. "We've just lost the bid on...

Accounting