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Make the journal entry to record any adjustments required

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Question - Violet Company's records reported an inventory cost of $15,000 and a net realizable value of $14,700 at December 31, 2019. Now, Violet Company is preparing the annual financial statements dated December 31, 2020. Information about inventory stocked for regular sale follows:

Item

Quantity on Hand

Unit Cost When  Acquired

Net Realizable Value  year end

A

100

$20 each

$2,000

$20 each

$2,000

B

80

35 each

2,800

40 each

3,200

C

200

40 each

8,000

36 each

7,200

Instructions - Assume Violet values inventory at the lower of cost and market on an item by item basis and uses the allowance method, make the journal entry to record any adjustments required at the end of 2020.

Reference no: EM132619295

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