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Office Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Explain the impact

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Office Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Explain the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus sign.)

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