Monty 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 31. Tables Large Small Chairs Plastic Wooden Units 23 17 41 41 Cost/Unit $266 141 47 19 Net Realizable Value $261 148 43 30 SUB

using the following info prepare the adjusting journal entry

Monty 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 31. What amount should be reported on Monty Furniture Shop's financial statements, after the lower of cost and net realizable value rute is applled to individual inventoryitems? Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Monty Furniture Shop uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)