Respuesta :
Answer:
Product category units cost NRV year-end inventory
Tools:
- Hammers 110 $4.10 $4.60 $451
- Saws 110 $9.10 $8.10 $891
- Screwdrivers 210 $1.10 $1.70 $231
Paint products:
- 1-gallon cans 410 $5.10 $4.10 $1,681
- Paint brushes 110 $3.10 $3.60 $341
1) carrying value of year-end inventory:
Tools:
- Hammers $451
- Saws $891
- Screwdrivers $231
- sub-total $1,573
Paint products: $2,022
- 1-gallon cans $1,681
- Paint brushes $341
- sub-total $2,022
Total $3,595
2) adjustment to tools:
Dr Cost of goods sold 110
Cr Inventory: tools 110
adjustment to paint products:
Dr Cost of goods sold 410
Cr Inventory: paint products 410
or total adjustment to inventory account:
Dr Cost of goods sold 520
Cr Inventory 520