Powder Ski Shop reports inventory using the lower cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Cost NRV Ski jackets 15 Skis 20 $119 $99 $340 $390 Calculate the amount to be reported for ending inventory.

Cornerstones of Financial Accounting
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ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
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Powder Ski Shop reports inventory using the lower cost and net realizable value (NRV).
Below is information related to its year-end inventory.
Inventory Quantity Cost NRV
Ski jackets 15
Skis
20
$119 $99
$340 $390
Calculate the amount to be reported for ending inventory.
Transcribed Image Text:Powder Ski Shop reports inventory using the lower cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Cost NRV Ski jackets 15 Skis 20 $119 $99 $340 $390 Calculate the amount to be reported for ending inventory.
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