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Boomtown Music had the following ending inventory costs: Product Units on Hand Unit Cost Unit NRV A 10 $ 5 $ 5 B 50 $

Boomtown Music had the following ending inventory costs: Product Units on Hand Unit Cost Unit NRV A 10 $ 5 $ 5 B 50 $ 8 $ 7 C 35 $ 10 $ 11 REQUIRED: Calculate the lower of cost and net realizable value (LCNRV) on an item by item basis and prepare the appropriate adjusting entry. There is a template provided that you can use to answer this question.

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