Question: Current Attempt in Progress Pharoah's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in

Current Attempt in Progress
Pharoah's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Pharoah's Gift Shop's year end, December 31:
\table[[,Units,Unit Cost,\table[[Net Realizable Value],[per Unit]]],[Clothing,98,$9,$7
 Current Attempt in Progress Pharoah's Gift Shop uses a perpetual inventory

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