A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory: Cost $ 21 26 Inventory Quantity Item A Item B 140 30 NRV $ 26 16 1. Calculate ending inventory under the lower of cost and net realizable value. 2. Record any necessary adjusting entry to inventory.

A company reports inventory using the lower of cost and net reailzable value. Below is information related to its year-end inventory: 1. Calculate ending inventory under the lower of cost and net realizable value. 2. Record any necessary adjusting entry to inventory