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Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV), Below is information related to its year-end Inventory Quantity Inventory Furniture Electronics 240 Unit Cost $ 89 440 Unit NV $104 320 54 Exercise 6-13 A Part 1 A Required: 1. Calculate the total recorded cost of ending inventory before any adjustments Costanding inventory and S Prov DI Next > Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (L06-6) (The following information applies to the questions displayed below) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV) Below is information related to its year-end inventory Inventory Furniture Electronics Quantity 240 54 Unit Cost $ 89 440 Unit NRV 5104 320 Exercise 6-13A Part 2 2. Calculate ending inventory using the lower of cost and net realizable value antory Quantity Low of Cast and NRV per unt Ending Inventory Furniture Electronics S 0 Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (L06-6) The following information applies to the questions displayed below) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end Inventory Inventory Furniture Electronics Quantity 240 54 Unit Cost $ 89 440 Unit NRV $164 320 Exercise 6-13A 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 transactions View journal entry worksheet Del No General Journal Credit 1 1 Cost of Goods Sold Accounts Receivable 20 Required information Exercise 6-20A Find financial statement effects of understatement in ending inventory (L06-9) [The following information applies to the questions displayed below) Mulligan Corporation purchases inventory on account with terms FOB shipping point. The goods are shipped on December 30, 2021, but do not reach Mulligan until January 5, 2022 Mulligan correctly records accounts payable associated with the purchase but does not include this inventory in its 2021 ending inventory count Exercise 6-20A Part 2 2. an error has been made, indicate whether there is an understatement (!). overstatement (O), or no effect (N) on the reported amount of each financial statement element in the current year and following year Ignore any tax effects Balance Sheet lacon Cost of goods sok Gross Pront Your Stockholders quy ANN Reveces Current Following

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