Creative Technology reports inventory using the lower of cost and net realizablevalue (NRV). Below is information related to its year-end inventory.InventoryOptima camerasInspire speakersInventoryQuantity Unit Cost11050Optima cameraInspire speakersCalculate the total amount to be reported for ending inventory.$7949QuantityNRV$4959Lower of Cost andNRV per unitEndingInventory

Name: Creative Technology reports inventory using the lower of cost and net
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Description: Creative Technology reports inventory using the lower of cost and net realizablevalue (NRV). Below is information related to its year-end inventory.InventoryOptima camerasInspire speakersInventoryQuantity Unit Cost11050Optima cameraInspire speakersC

LCNRV stands for lower-of-cost-or-net realizable value.It is used for inventory valuation..NRV =…

Answered: Calculate the total amount to be…

Business

Accounting

Calculate the total amount to be reported for ending inventory. Inventory Optima camera Inspire speakers Quantity Lower of Cost and NRV per unit Ending Inventory

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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Really not undertsanding LIFO, thank you ahead of time
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