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Showtime Company's ending inventory at December 31, 2020, includes the following items: Units on Net Realizable Value Per Unit $ 107 142 183 75 Product Hand 19 Unit Cost $ 112 FM 15 135 33 169 SL 37 Required: Calculate LCNRV for the inventory . As a whole (assuming the items are similar). LONRV applied to inventory

Showtime Company's ending inventory at December 31, 2020, includes the following items: Units on Net Realizable Value Per Unit $ 107 142 183 75 Product Hand 19 Unit Cost $ 112 FM 15 135 33 169 SL 37 Required: Calculate LCNRV for the inventory . As a whole (assuming the items are similar). LONRV applied to inventory

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Help Showtime Company's ending inventory at December 31, 2020, Includes the following items: Units on Net Realizable Value Per Unit $ 107 142 Product Hand 19 15 33 37 Unit Cost $ 112 135 169 FM 183 SL 89 75 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 LCNRV aoolied to Total Total Product
Transcribed Image Text:Help Showtime Company's ending inventory at December 31, 2020, Includes the following items: Units on Net Realizable Value Per Unit $ 107 142 Product Hand 19 15 33 37 Unit Cost $ 112 135 169 FM 183 SL 89 75 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 LCNRV aoolied to Total Total Product
b. Applied separately to each product. Total Cost Total NRV LCNRV applied to Each Product Product BB FM MB SL c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). View tasacton list Journal entry worksheet
Transcribed Image Text:b. Applied separately to each product. Total Cost Total NRV LCNRV applied to Each Product Product BB FM MB SL c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). View tasacton list Journal entry worksheet
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