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Exercise 6-10 Lower of cost and net realizable value LO4 Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Product Hand Unit Cost BB 30 $ 118 FM 15 153 MB 44 194 SL 48 86 Net Realizable Value Per Unit $ 123 146 180 100 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory b. Applied separately to each product. Product Total Cost Total NRV BB FM MB SL S LCNRV applied to Each Product 0 $ 0 $ 0

Exercise 6-10 Lower of cost and net realizable value LO4 Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Product Hand Unit Cost BB 30 $ 118 FM 15 153 MB 44 194 SL 48 86 Net Realizable Value Per Unit $ 123 146 180 100 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory b. Applied separately to each product. Product Total Cost Total NRV BB FM MB SL S LCNRV applied to Each Product 0 $ 0 $ 0

FINANCIAL ACCOUNTING
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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c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).

Exercise 6-10 Lower of cost and net realizable value LO4 Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Product Hand Unit Cost BB 30 $ 118 FM 15 153 MB 44 194 SL 48 86 Net Realizable Value Per Unit $ 123 146 180 100 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory
Transcribed Image Text:Exercise 6-10 Lower of cost and net realizable value LO4 Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Product Hand Unit Cost BB 30 $ 118 FM 15 153 MB 44 194 SL 48 86 Net Realizable Value Per Unit $ 123 146 180 100 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory
b. Applied separately to each product. Product Total Cost Total NRV BB FM MB SL S LCNRV applied to Each Product 0 $ 0 $ 0
Transcribed Image Text:b. Applied separately to each product. Product Total Cost Total NRV BB FM MB SL S LCNRV applied to Each Product 0 $ 0 $ 0
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