Question
Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity
Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.
| Inventory | Quantity | Unit Cost | Unit NRV |
|---|---|---|---|
| Ski jackets | 25 | $119 | $95 |
| Skis | 30 | 304 | 354 |
Record any necessary adjusting entry for the lower of cost and net realizable value. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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Audit Risk Alert Employee Benefit Plans Industry Developments 2017
Authors: AICPA
1st Edition
1945498722, 978-1945498725
