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Calculate the lower of cost and net realizable value

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Reference no: EM132964645

Question - Boomtown Music had the following ending inventory costs:

Product Units on Hand Unit Cost Unit NRV

A 10 $5 $5

B 50 $8 $7

C 35 $10 $11

REQUIRED - Calculate the lower of cost and net realizable value (LCNRV) on an item by item basis and prepare the appropriate adjusting entry. There is a template provided that you can use to answer this question.

Reference no: EM132964645

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