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Cheyenne Furniture Shop Inc. uses the lower of cost and net realizable value basis ( LCNRV ) for reporting its inventory. The following data are
Cheyenne Furniture Shop Inc. uses the lower of cost and net realizable value basis LCNRV for reporting its inventory. The following
data are available at December
Units
CostUnit
Net Realizable Value
Tables
Large
$
$
Small
Chairs
Plastic
Wooden
What amount should be reported on Cheyenne Furniture Shop's statement of financial position, after the lower of cost and net
realizable value rule is applied to individual inventory items?
LCNRV
Tables:
Large $
Small
Chairs:
Plastic
Wooden
Total
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