On april 1, a company purchased two units of inventory, a and b. the cost of unit a was $650, and the cost of unit b was $590. on april 30, the company had not sold the inventory. the net realizable value of unit a was now $665 while the net realizable value of unit b was $505. the adjustment associated with the lower of cost and net realizable value on april 30 will be:

The answer is:

Explanation:

To determine the necessary adjustment we must calculate the difference between the net realizable values and the original purchase prices:

Now we add both differences: $15 - $85 = -$70, since it's a negative number, the assets have lost value.

Since the assets have lost value, the Merchandise Inventory account should be credited (when assets decrease they are credited). The loss in value represents higher COGS, so the COGS account should be debited (when expenses increase they are debited).

      Dr Cost of Goods Sold 70

      Cr Merchandise Inventory 70

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