Required information [The following information applies to the questions displayed below. A company like Golf...
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Required information [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 II Quantity 40 20 35 Unit Cost $ 65 410 375 Unit NRV $ 75 275 470 3. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Require in the first account field.) ... View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Cost of Goods Sold Inventory
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