Question: Assume that Bonsai Boards has the following FIFO perpetual inventory
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?
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