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Use the below information about Item X of inventory at December 31, 2020 for the next two questions: Historical cost $50 Selling price 53 Selling costs 5 Replacement cost 45 Normal profit margin 17 Number of Item X Units on hand 1,000 Existing Recorded LCNRV Reserve $1,000 What is the necessary LCNRV provision (expense) that needs to be recorded at December 31, 2020? $0 $1000 $3000 $5000 ABC year-end count of inventory revealed an ending balance of $30,000. ABC Corp. uses the periodic inventory system. An error in the physical count caused ABC Corp. to overstate its 12/31/2019 ending inventory by $2,000. This error would cause 2019 net income and 2020 retained earnings to be: overstated and understated, respectively understated and overstated, respectively understated and understated, respectively overstated and correctly stated, respectively Debit Credit Sales $850,000 Sales returns and allowance $28,000 Accounts receivable 86,000 Allowance for doubtful accounts 1,520 If the estimate of uncollectibles is made by taking 3% of net sales, the amount of the adjustment is $13,400 $16,440 $17,000 $19,480 Niles Co. has the following data related to an item of inventory recorded : Inventory, March 1 200 units @ $2.10 Purchase, March 7 700 units @ $2.20 Purchase, March 16 140 units @ $2.25 Sale, March 28 780 units @ 4.00 The value assigned to cost of goods sold if Niles uses FIFO under perpetual inventory system is (do not type $)