Question
A company reports inventory using the lower-of-cost and net realizable value. Below is information related to its year-end inventory: Inventory Quantity Cost NRV Item A
A company reports inventory using the lower-of-cost and net realizable value. Below is information related to its year-end inventory:
Inventory Quantity Cost NRV Item A 100 $25 $30 Item B 50 $30 $20
a. Calculate ending inventory under the lower-of-cost and net realizable value.
b. Prepare the necessary adjusting entry to inventory.
A company reports inventory using the lower-of-cost and net realizable value. Below is information related to its year-end inventory:
| Inventory | Quantity | Cost | NRV |
| Item A | 100 | $25 | $30 |
| Item B | 50 | $30 | $20 |
a. Calculate ending inventory under the lower-of-cost and net realizable value.
b. Prepare the necessary adjusting entry to inventory.
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Inventory Quantity Cost NRV LCM Item A 100 25 30 25 Item B 50 30 20 20 Inventory Item A Qu...
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Precalculus
Authors: Michael Sullivan
9th edition
321716835, 321716833, 978-0321716835
