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7A-2. (Similar to problem 7A-1) After the Olympics the NIC-NAKS Corporation found itself stuck with...

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7A-2. (Similar to problem 7A-1) After the Olympics the NIC-NAKS Corporation found itself stuck with over a million ZEUS dolls that were now even more worthless. Suppose NIC-NAKS had 750,000 dolls in inventory at the beginning of July and that in the excitement of the opening ceremonies they inadvertently ordered 550,000 more. NIC-NAKS paid $0.42 for each dott, including those in beginning inventory, and was trying to sell them for $5.99) Unfortunately for NIC-NAKS they still had 1,000,000 of these dolls left at the end of July. Hoping to sell the dolls in bulk to teams from other countries NIC-NAKS marked the price down to $0.15)each. Required: 1. Use T-accounts to show the July beginning balance in inventory, the purchases during the period, and the ending balance in inventory (prior to applying lower-of-cost-or-market concepts). Calculate COGS based on these numbers. 2. Now make the entry required to write down the value of ending inventory

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