The following is a list of accounts and adjusted amounts for rollcom, inc., for the fiscal year ended september 30, 2018. the accounts have normal debit or credit balances. accounts payable $ 39,400 accounts receivable 66,800 accumulated depreciation 21,800 cash 80,600 common stock 95,100 equipment 91,000 income tax expense 10,530 notes payable (long-term) 1,530 office expenses 6,330 rent expense 164,500 retained earnings 99,870 salaries and wages expense 129,000 sales revenue 326,560 supplies 35,500 rev: 09_27_2018_qc_cs-140758 prepare the closing entry required at september 30, 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Example1 lcnrv: ted company uses the lower of cost or nrv method in valuing its inventory items. the inventory at december 31, 2017, consists of products a, b and c, each having 1,000 units. relevant unit data for these products appear below: item a item b item c cost $ 80 $80 $80 estimated selling price 180 100 90 estimated selling cost 30 30 30 required: using the lower of cost or net realizable value rule, determine the proper value of inventory for balance sheet reporting purposes at december 31, 2017. prepare any necessary journal entry. apply the lower of cost or nrv method: • on an individual inventory basis; • on a group basis; • on a total inventory basis. solution worksheet: inventory (on an individual basis): inventory value item nrv cost lc- item a item b item c total inventory (on a group basis): inventory value item nrv cost lc- group 1 (item a and b) group 2 (item c) total inventory (on an aggregate inventory basis): inventory value item nrv cost lc- total inv