B. Lower of Cost or Market 1. A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory. NRV LCM Inventory Quantity Unit A 10 Cost $30 Unit B 18 $32 40 27 23 Unit C Unit D 12 I 10T 28 17 Calculate ending inventory under the lower of cost. Record any necessary adjustment to inventory account drcr 2. A company reports inventory using the lower of cost and net realizable value Below is information related to its year-end inventory: Quantity Inventory Item A Cost NRV 180 $25 $30 Item B 500 Calculate ending inventory under the lower of cost and net realizable value and record any necessary adjustment to inventory. 3. A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory? Calculate the amount to be reported for ending inventory. Inventory Cost LCM Ski Jackets T Quantity 10 25 $130 NRV per Unit $110 $300 Skis $250