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 | 26 | $125 | $100 |
| Skis | 31 | 310 | 360 |
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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Financial And Managerial Accounting
Authors: John J. Wild
9th Edition
1260728773, 9781260728774
