Nutritional Foods reports merchandise inventory at the lower of the cost or market. Prior to releasing its financial statements for the year ended March
31,2015, Nutritional’s preliminary income statement, before the year end adjustments is as follows:
Sales revenue $121000
Cost of goods sold $49000
Gross Profit $72000
Nutritional has determined that the current replacement cost of ending merchandise inventory is $16000. Cost is $21000.
1. Journalize the adjusting entry for merchandise inventory, if any is required.
2. 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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