Showtime Company's ending inventory at December 31, 2014, includes the following items: Calculate LCNRV for the inventory:

Question:

Showtime Company's at December 31, 2014, includes the following items: Calculate LCNRV for the inventory:

ending inventory at December 31, 2014, includes the">

a. As a whole (assuming the items are similar), and
b. Applied separately to each product.
c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).

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 =...