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O Required information Exercise 6-94A Calculate inventory using lower of cost and net realizable value (L06-6) [The following information applies to the questions displayed below) A company like Golf USA that sells golf-related inventory typically will have inventory Items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory Inventory Quantity Unit NRV Shirts 5 56 330 Unit Cost MegaDriver MegaDriver IX 31 11 26 320 $ 66 230 380 Exercise 6-14A Part 1 Required: 1. Calculate the total recorded cost of ending Inventory before any adjustments. Cost of ending inventory (before adjustment) Required information Exercise 6-14A Calculate inventory using lower of cost and net realizable value (L06-6) [The following information applies to the questions displayed below.) A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's Inventory Inventory Shirts MegaDriver MegaDriver 11 Quantity 31 11 26 Unit Cost $ 56 320 330 Unit NRV $ 66 230 380 Exercise 6-14A Part 2 2. Calculate ending Inventory using the lower of cost and net realizable value. Quantity Lower of Cost and NRV Ending Inventory Inventory Shirts MegaDriver MegaDriver II $ 0 Required information Exercise 6-14A Calculate inventory using lower of cost and net realizable value (LO6-6) (The following information applies to the questions displayed below.) A company like Golf USA that sells golf-related inventory typically will have inventory Items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory Inventory Unit Cost Unit NRV MegaDriver Shirts MegaDriver IT Quantity 31 11 26 $ 56 320 $ 66 230 380 330 Exercise 6-14A Part 3 3. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet

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