Business, 19.10.2020 21:01 Jxsolvez

Nutritional Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing its financial statements for the year ended August 31, 2019, Nutritional's preliminary income statement, before the year-end adjustments, appears as follows: NUTRITIONAL FOODS
Income Statement (Partial)
Year Ended March 31, 2017
Sales Revenue $117,000
Cost of Goods Sold 45,000
Gross Profit $72,000

Nutritional has determined that the current replacement cost of ending merchandise inventory is $17,000. Cost is $19,000.

Required:
a. Journalize the adjusting entry for merchandise inventory, if any is required.
b. Prepare a revised partial income statement to show how Nutritional Foods should report sales, cost of goods sold, and gross profit.

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Nutritional Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing i...

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