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 | 30 | $128 | $110 |
| Skis | 35 | 313 | 363 |
Record any necessary adjusting entry for the lower of cost and net realizable value.
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Financial Accounting
Authors: Kermit D. Larson, William W. Pyle
4th Edition
0256067813, 978-0256067811
