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The following information relates to the physical inventory of Sneakers Are Us Ltd. taken at December 31: Required: 1. Calculate the LCNRV: a. For the

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The following information relates to the physical inventory of Sneakers Are Us Ltd. taken at December 31: Required: 1. Calculate the LCNRV: a. For the inventory by major group. b. For the inventory applied separately to each product. 2. Prepare the appropriate entry, if any, for (a) and (b)

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