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The inventory of Novak Company on December 31, 2025, consists of the following items. aPart No. 121 is obsolete and has a realizable value of

The inventory of Novak Company on December 31, 2025, consists of the following items. aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. Inventory as of December 31,2025

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