Assume that Bonsai Boards has the following FIFO perpetual inventory record for snowboards for the month of

Question:

Assume that Bonsai Boards has the following FIFO perpetual inventory record for snowboards for the month of November:

At November 30, the accountant for Bonsai Boards determines that the current replacement cost of the ending inventory is $1,615. Make any adjusting entry needed to apply the lower of cost or net realizable value rule. Inventory would be reported on the balance sheet at what value on November 30?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...