A company reports inventory using the lower of cost and net realizable value Below is information related to its year end inventory Inventory Quantity Cost NRV Unit A 10 $30 $32 Unit B 18 43 40 Unit C 12 23 27 Unit D 15 18 17 a Calculate ending inventory under the lower of cost and net realizable value b Prepare the necessary adjusting entry to inventory ( If no entry is required for a transaction event, select No journal entry required in the first account field )

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Question: A company reports inventory using the lower-of-cost and net realizable value. Below is information related to its year-end inventory: Inventory Quantity Cost NRV Unit A

A company reports inventory using the lower-of-cost and net realizable value. Below is information related to its year-end inventory:

Inventory	Quantity	Cost	NRV
Unit A	10	$30	$32
Unit B	18	43	40
Unit C	12	23	27
Unit D	15	18	17

a. Calculate ending inventory under the lower-of-cost and net realizable value. b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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