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Concord Furniture Shop inc uses the lower of cost and net realizable value basis (LCNRVfor reporting its inventory. The following data are available at December
Concord Furniture Shop inc uses the lower of cost and net realizable value basis (LCNRVfor reporting its inventory. The following data are available at December 31 Net Realizable Value Units Cost/Unit 22 17 $269 133 $257 159 Tables Large Small Chairs Plastic Wooden 42 43 20 42 29 41 What amount should be reported on Concord Furniture Shop's financial statements, 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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