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    Argosy University/ Phoniex University/
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Category > Accounting Posted 25 Sep 2017 My Price 5.00

Naturally Good Foods

Applying the lower-of-cost-or-market rule to inventories

Naturally Good Foods reports inventory at the lower of average cost or market. Prior to releasing its March 2012 financial statements, Naturally’s preliminary income statement, before the year-end adjustments, appears as follows:

NATURALLY GOOD FOODS Income Statement (partial) For the year ended March 31, 2012

Sales revenue

$ 117,000

Cost of goods sold

45,000

Gross profit

$ 72,000

Naturally has determined that the replacement cost of ending inventory is $17,000. Cost is $18,000.

Requirements

1. Journalize the adjusting entry for inventory, if any is required.

2. Prepare a revised income statement to show how Naturally Good Foods should report sales, cost of goods sold, and gross profit.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 09:09 PM My Price 5.00

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