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Question 5 Cody Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Instructions Units Unit
Question 5 Cody Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Instructions Units Unit Cost Unit NRV Cameras: Sony 4 $175 $160 Canon 8 150 152 Light Meters: Gossen 12 135 139 Seconic 10 115 110 (a) Determine the lower of cost and net realizable value of the ending inventory. (b) Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Cody Camera Shop uses a perpetual inventory system.
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Managerial Accounting
Authors: Karen Wilken Braun, Wendy Tietz, Walter Harrison, Rhonda Pyp
1st Canadian Edition
978-0132490252, 132490250, 978-0176223311
