Knowledge Check 01 Tune Store reports inventory using the lower of cost and net realizable value (NRV). Information related to its year-end inventory appears below. Inventory Model A Model B Model C Quantity 100 50 Unit Cost $100 50 200 Unit NRV $120 40 210 20 Calculate the amount to be reported for ending inventory of Model A. Multiple Choice $10,000 $11,000 $12,000 Tune Store reports inventory using the lower of cost and net realizable value (NRV). Information related to its year-end inventory appears below. Inventory Model A Model B Model C Quantity 100 50 20 Unit Cost $100 50 200 Unit NRV $120 40 210 Calculate the amount to be reported for ending inventory of Model B. Multiple Choice O $2,000 $2,250 O O $2,500 Knowledge Check 01 Tune Store reports inventory using the lower of cost and net realizable value (NRV). Information related to its year-end inventory appears below. Quantity 100 Inventory Model A Model B Model C Unit Cost $100 50 200 Unit NRV $120 40 210 50 20 The year-end adjustment to mark inventory down to net realizable value will involve a debit to Multiple Choice Cash for $1,000 U O Inventory for $500 O Cost of Goods Sold for $500 O Sales Revenue for $1,500 Knowledge Check 01 Tune Store reports inventory using the lower of cost and net realizable value (NRV). Information related to its year-end inventory appears below. Inventory Model A Model B Model C Quantity 100 50 20 Unit Cost $100 50 200 Unit NRV $120 40 210 The year-end adjustment to mark inventory down to net realizable value will involve a credit to Multiple Choice Inventory for $500 Accounts Payable for $1,000 o Cost of Goods Sold for $500 C Sales Revenue for $1,500