A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are amounts related to Golf USA’s inventory at the end of the year.
Inventory Quality Cost NRV
Shirt 36 60 70
MegaDriver 15 360 250
MegaDriver ii 20 350 450
Calculate ending inventory using the lower of cost and net realizable value.
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