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BE9-2 Floyd Corporation has the following four items in it's ending inventory: Item Cost Net Relizable Value (NRV) Jokers $2,000 $2,100 Penguins 5,000 4,950 Riddlers
| BE9-2 Floyd Corporation has the following four items in it's ending inventory: | ||||||||||
| Item | Cost | Net Relizable Value (NRV) | ||||||||
| Jokers | $2,000 | $2,100 | ||||||||
| Penguins | 5,000 | 4,950 | ||||||||
| Riddlers | 4,400 | 4,625 | ||||||||
| Scarecrows | 3,200 | 3,830 | ||||||||
| Directions: Determine the following: (a) the LCNRV for each item, and (b) the amount of write-down, if any, using | ||||||||||
| (1) an item-by-item LCNRV evaluation and (2) a total category LCNRV evaluation. | ||||||||||
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Client Acceptance And Retention Decisions Of Audit Firms In Nigeria
Authors: Richard Iyere Oghuma
1st Edition
6138946715, 978-6138946717
