2 ww D F G H E LCNRV applied to: Products 10 Versa Blaze Charge Total Cost 29,000 $ 46,000 17,000 Total NRV 23,000 48,000 14,000 12 13 14 15 16 17 18 Calculate ending inventory balance that should appear on FitBit's December 1 balance sheet if FitBit applies LCNRV to each product. 92,000 85,000 83,000 9,000 2,000 19 20 a 21 b 22C 23 d 24 le 25 2 26 27 la 28 b 29c 30 d 31 le 2. What amount is required for the adjusting entry at year-end assuming LCNRV is applied to inventory as a total. 92,000 85,000 83,000 7,000 2,000 36 e 4 a 31 2,000 32 3 Which cost formula requires that the cost allocated to cost of goods sold is based on 33 the oldest inventory in stock? 34 FIFO 35 b Specific identification Weighted average 37 d LIFO 38 NRV 39 If inventory is stolen or there is a difference between the accounting 40 records an adjustment is required called: Intentory turnover 42 b Adjustment for impairments 3 Direct writeoff d Shrinkage Allowance for doubtful accounts 46 47 Which of the following factors could positively affect gross margin? 48 Decrease in market demand 49b Decrease in sales price 50 Unfavourable exchange rates 51 d Reduction in the costs of raw materials 52 Increase in labour costs 53 Use the information below to answer questions 6-7. On May 19, 2020, Stricker Corporation purchased building and equipment for $600,000 Cover Sheet Question 1 Depreciation Question 2 Shareholders Equity Question 3 Ratio Analysis Calculation Mode: Automatic Workbook Statistics MacBook e e