Use the following information for problems #47_48. Applying LCNRV, NeCo determines that as of December 31, 20X3, mer- chandise that originally cost $46,300 is now $49,500 at NRV. 47. NeCo determines that the loss is not material enough to warrant disclosure as a line item on its income statement. Therefore it should... a. make no entry but disclose the loss in a note on the financial statements b. make no entry and make no disclosure c. make an entry to reduce retained earnings. d. make an entry to increase cost of goods sold. 48. Early in 20X4, the NRV value of NeCo's inventory unexpectedly increases to $47,500. If the original credit to write-down inventory was to the Inventory account, NeCo should a. recognize a $4,000 gain. b. recognize a $2,800 gain. c. make no entry but disclose the loss in a note accompanying the financial statements. d. make no entry and make no disclosure. Use the following information for problems #4950. On December 4, 20X8, DoCo enters into a contractual agreement to take delivery on January 25, 20X9 of 10,000 pounds of nuts at a cost of $2.20 per pound. On December 31, 20X8, DoCo finds that the market price of the nuts has declined to $1.90 per pound, and management decides that the decline is permanent. 49. DoCo should show these developments on its 20X8 financial statements as- a. a $22,000 liability b. a $19,000 liability c. a $3,000 liability d. no liability 10_$13.ps3.. Re