Hagger Sounds has accumulated the cost and net realizable value data on March 31:

		Cost		Net Realizable Value
iPods		$24,000		$20,400
Cell phones		18,000		19,000
DVDs		28,000		25,600

Using the lower-of-cost-or-net realizable value, how much is the value of the ending inventory? (Apply LCNRV to each category)

$64,000
$70,000
$65,000
$71,000

Answer rating: 100% (QA)

Answer LCNRV Stands for Lower of cost and Net Realisable Value Under LCNRV Concept t... View the full answer