Exercise $6-10$ Lower of cost and net realizable value LO$4$

Showtime Company$$s ending inventory at December $31,2023,$ includes the following items:

Product Units on Hand Unit Cost Net Realizable Value Per Unit

BB $23$ $ $119$ $ $114$

FM $10142149$

MB $37176190$

SL $419682$

Required:

Calculate LCNRV for the inventory:

a$.$ As a whole $($assuming the items are similar$).$

b$.$ Applied separately to each product.

c$.$ Prepare the appropriate adjusting entry, if required, based on your calculations in $($b$).$

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