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Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end nventory. Inventory Furniture
Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end nventory. Inventory Furniture Electronics Quantity 270 57 Unit Cost $92 470 Unit NRV $107 410 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. 2. Calculate ending inventory using the lower of cost and net realizable value. 3. Record any necessary adjusting entry for inventory. 4. Determine the impact of the adjusting entry in the financial statements.
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Financial Accounting
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
5th edition
1259914895, 978-1259914898
