Problem: Marigold Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2018:
|
Coffee Bean
|
Units
|
Unit Cost
|
Net Realizable Value
|
|
Coffea arabica
|
10,000 bags
|
$5.60
|
$5.55
|
|
Coffea robusta
|
4,700 bags
|
3.4
|
3.5
|
Required:
Q1. Calculate Marigold's inventory at the lower of cost and net realizable value.
Q2. Prepare journal entry required to record the LCNRV, assuming that Marigolduses a perpetual inventory system.
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