Refer to the information in BE614. Record any necessary adjusting entry for the lower of cost and
Question:
Refer to the information in BE6–14. Record any necessary adjusting entry for the lower of cost and net realizable value.
Data from in BE6-14
Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Information related to its year-end inventory appears below. Calculate the total amount to be reported for ending inventory in the balance sheet.
Transcribed Image Text:
Inventory Ski jackets Skis Quantity 20 25 Unit Cost $115 300 Unit NRV $ 95 350
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