11:50 ch09.pdf EXERCISE 9.3 (15-20 minutes) Cos Net Reale *$4.50 - $160 = 52.90. EXERCISE 9.4 (10-15 minutes) (a) December 31, 2020 Cost of Goods Sold (346,000-$322,000) Allowance to Reduce Inventory to NRV 24.000 December 31, 2021 Allowance to Reduce Inventory to NRV Cost of Goods Sold December 31, 2020 (6) Loss Due to Decline of Inventory to NRV- Allowance to Reduce Inventory to NRV December 31, 2021 Allowance to Reduce Inventory to NRV Recovery of inventory Loss 4.000 EXERCISE 9.4 (Continued) "Cost of inventory at 12/31/20 LCNRV at 12/3120 Allowance amount needed to reduce inventory to NRV (A) $24.000 $410.000 Cost of inventory at 12/31/21 LCNRV at 12/3121 Allowance amount needed to reduce inventory to NRV (0) Recovery of previously recognized loss =()-(6) $24.000-20.000 94000. 11:50 ch09.pdf EXERCISE 9.3 (15-20 minutes) Cos Net Reale *$4.50 - $160 = 52.90. EXERCISE 9.4 (10-15 minutes) (a) December 31, 2020 Cost of Goods Sold (346,000-$322,000) Allowance to Reduce Inventory to NRV 24.000 December 31, 2021 Allowance to Reduce Inventory to NRV Cost of Goods Sold December 31, 2020 (6) Loss Due to Decline of Inventory to NRV- Allowance to Reduce Inventory to NRV December 31, 2021 Allowance to Reduce Inventory to NRV Recovery of inventory Loss 4.000 EXERCISE 9.4 (Continued) "Cost of inventory at 12/31/20 LCNRV at 12/3120 Allowance amount needed to reduce inventory to NRV (A) $24.000 $410.000 Cost of inventory at 12/31/21 LCNRV at 12/3121 Allowance amount needed to reduce inventory to NRV (0) Recovery of previously recognized loss =()-(6) $24.000-20.000 94000