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Pink Floyd Corporation has the following four items in its ending inventory. Item Cost Replacement Cost Net Realizable Value (NRV) NRV less norm profit margin
Pink Floyd Corporation has the following four items in its ending inventory.
| Item | Cost | Replacement Cost | Net Realizable Value (NRV) | NRV less norm profit margin |
| Jokers | $2,000 | $2,050 | $2,100 | 1,600 |
| Penguins | 5,000 | 5,100 | 4,950 | 4,100 |
| Riddlers | 4,400 | 4,550 | 4,625 | 3,700 |
| Scarecrows | 3,200 | 2,990 | 3,830 | 3,070 |
Determine the final lower-of-cost-or-market inventory value for each item.
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The Training And Development Audit
Authors: Rosemary Harrison
2nd Edition
0955970725, 978-0955970726
