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[The following information applies to the questions displayed below.] Home Furnishings reports inventory using the lower of cost and net realizable value (NRV) method. Below
[The following information applies to the questions displayed below.]
Home Furnishings reports inventory using the lower of cost and net realizable value (NRV) method. Below is information related to its year-end inventory.
Required:
1. Calculate ending inventory using lower of cost and net realizable value.
2. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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