The Key West Group Uses the Lower of Cost and Net

question 4

Essay

The Key West Group uses the lower of cost and net realizable value rule to value its kayak inventory.The Kayaks in inventory were purchased on January 1,2016 for $12,000.At year end December 31,2016 the net realizable value of Key West's inventory dropped to $9,000.At the end of 2017 due to a shortage of Kayaks this inventory increased in value to $15,000.
Required:
Prepare the required journal entries (if any)required at the 2016 and 2017 year end.

---

Definitions:

Diversity

The inclusion and representation of different types of people, such as those of various races, cultures, and backgrounds, acknowledging and valuing their unique differences.

Self-Efficacy Focused

Emphasizes enhancing an individual's belief in their own ability to succeed in specific situations.

Counselor Role

The function and responsibilities of a counselor in guiding and supporting clients through their mental health, emotional, or life challenges.

DBT

Dialectical Behavior Therapy is a form of cognitive-behavioral therapy designed to help individuals develop strategies for coping with emotional distress and enhancing interpersonal relationships.