Showtime Company$$s ending inventory at December $31,2023,$ includes the following items:

Product Units on Hand Unit Cost Net Realizable Value Per Unit

BB $20$ $ $113$ $ $108$

FM $10136143$

MB $34170184$

SL $389076$

Required:

Calculate LCNRV for the inventory:

a$.$ As a whole $($assuming the items are similar$).$

b$.$ Applied separately to each product.

c$.$ Prepare the appropriate adjusting entry, if required, based on your calculations in $($b$).$

PrevQuestion $5$ of $8$ Total$5$ of $8$Visit question mapNext