Multiple Select Question

Select all that apply

ABC Corp. has inventory at cost of $$85,000.$ The net realizable value of the inventory is $$60,000.$ Which of the following statements about LCNRV are true? $($check all that apply$)$

Multiple select question.

Cost of goods sold will be shown on the income statement at $$60,000$

It is usually applied on an item$-$by$-$item basis.

Inventory will be shown on ABC's balance sheet at $$85,000$

The adjusting entry will debit cost of goods sold $$25,000$

Need help? Review these concept resources.