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The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Electronics Corp.: Per Unit

The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Electronics Corp.:

Per Unit
Inventory Classification Quantity Cost NRV
Keyboards
Stock A 18 $ 96 $ 75
Stock B 23 82 66
Stock C 21 106 125
Hard drives
Stock X 31 195 176
Stock Y 52 187 214
CD burners
Stock D 84 90 71
Stock E 212 122 146

Required: 1-a. Determine the valuation of the above inventory at cost by individual items.

1-b. Determine the valuation of the above inventory at cost assuming application of lower-of-cost-or-NRV by classifications.

2. Prepare the entry to record the writedown, if any, to reduce ending inventory to lower of cost or NRV. Assume periodic inventory and the allowance method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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