Question

The records of Loren Movers Ltd. contained the following inventory data:



Required:
1. Calculate two different amounts that could justifiably be recorded as the allowance to reduce inventory to lower- of- cost- or- NRV at the end of 20X1.
2. Record the 20X1 lower- of- cost- or- NRV adjustments ( if any) for each of the two amounts from requirement ( 1), using the valuation allowance method.
3. Record the 20X2 lower- of- cost- or- NRV adjustments ( if any) under each of the two lower of cost or NRV methods, using the valuationallowance.


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  • CreatedFebruary 17, 2015
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