[The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. InventoryQuantityUnit CostUnit NRVFurniture170$82 $97 Electronics47 370 285 Required:1. Calculate the total recorded cost of ending inventory before any adjustments.

Cost of ending inventory = Unit cost x No. of units

Answered: A company reports inventory using the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inventory	Quantity	Unit Cost	Unit NRV
Furniture	170	$	82	$	97
Electronics	47		370		285