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Part of the Inventory are obsolete: 100 especially for an event branded pairs of socks will have to be sold to the retailers for 11
Part of the Inventory are obsolete: 100 especially for an event branded pairs of socks will have to be sold to the retailers for 11 each. The original acquisition cost was 20/pair. Necessary selling costs amount to 1/pair. Calculate the NRV of these and decide, whether you need an adjusting entry or not. Justify your choice, also by showing your calculations!
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