Exercise 6-10 Lower of cost and net realizable value L04 Showtime Company's ending Inventory at December 31, 2020, includes the following items: Product BB FM M8 SL Units on Hand 23 10 Unit Cost $ 119 142 176 96 Net Realizable Value Per Unit $ 114 149 190 82 41 Required: Calculate LCNRV for the inventory a. As a whole (assuming the items are similar). LCNRV applied to inventory 14 504 b. Applied separately to each product NRV 14504 b. Applied separately to each product Product Cost 2.73715 BB FM Total LCNRY NRV applied to Each Product 26227 s 2622 1.490 1.420 7030 5512 3.362 14.5045 13.915 MB SL 6512 3936 14 605 S $ MB SL 6,512 3,936 14 6055 7.030 3.362 14,5045 6,512 3.362 13,916 c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). View transaction list View journal entry worksheet Na Debit Dec 31 2020 General Journal Cost of goods sold Merchandise inventory 689 6e9 Prey 10 of 11 !! Ne ce to search