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Dos Bot. has the following information related to an item in its ending inventory. DOS Bot has a cost of 532, a selling price of
Dos Bot. has the following information related to an item in its ending inventory. DOS Bot has a cost of 532, a selling price of 658, a cost to complete of 35, and a cost to sell of 83. Which statement(s) is incorrect?
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The ending inventory is 532 because the LCNRV is lower than the cost
No adjustment is needed
The ending inventory is 540
The company must debit COGS
The company needs more information to determine its ending inventory
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