Sheridan Company has the following cost and net realizable value
data at December 31, 2021:
Homework Answers
Calculate following
| Cost | NRV | Lower of cost or NRV | |
| Personal computers | 24200 | 21500 | 21500 |
| Servers | 18400 | 19500 | 18400 |
| Total solution printers | 10000 | 8400 | 8400 |
| Total | 52600 | 48300 |
Adjusting entry
| Account title and explanation | Debit | Credit |
| Cost of goods sold (52600-48300) | 4300 | |
| Inventory | 4300 | |
| (To record adjustment to cost of goods sold) |
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