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Scott's Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31: Product Item Units Unit Cost Unit NRV
Scott's Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31: Product Item Units Unit Cost Unit NRV Skates: Bauer 13 $249 $396 CCM 11 $420 $363 Running shoes: Adidas 5 $116 $116 Nike 8 $115 $108 (a) Calculate the ending inventory balance for skates and running shoes using the lower of cost and net realizable value for each item. Ending inventory balance eTextbook and Media Save for Later $ Attempts: 0 of 3 used Submit Answer (b) Calculate the ending inventory balance for skates and running shoes using the historical unit costs provided. Ending inventory balance eTextbook and Media Save for Later $ Attempts: 0 of 3 used Submit Answer (c) Compare the difference in the ending inventory amounts. Which amount provides a more faithful representation of the inventory value? The method provides a more faithful representation of the inventory value
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