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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 Unit 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
Unit A 10 $30 $32
Unit B 18 43 40
Unit C 12 23 27
Unit D 15 18 17

a. Calculate ending inventory under the lower-of-cost and net realizable value. b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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