Showtime Company's ending Inventory at December 31, 2023, includes the following items: Net Realizable Units on Hand Value Per Unit 33 $119 15 142 47 176 51 96 Product BB FM MB SL Required: Calculate LCNRV for the inventory. e. As a whole (assuming the items are similar). LCNRV apped to inventory b. Applied separately to each product Product Unit Cost $114 149 190 82 88 FM MB SL 5 Total Cost 0 3 Total NRV LCNRV applied to Each Product 0 3
Showtime Company's ending Inventory at December 31, 2023, includes the following items: Net Realizable Units on Hand Value Per Unit 33 $119 15 142 47 176 51 96 Product BB FM MB SL Required: Calculate LCNRV for the inventory. e. As a whole (assuming the items are similar). LCNRV apped to inventory b. Applied separately to each product Product Unit Cost $114 149 190 82 88 FM MB SL 5 Total Cost 0 3 Total NRV LCNRV applied to Each Product 0 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Subect:- Accounting
![Showtime Company's ending inventory at December 31, 2023, Includes the following items:
Units on
Hand
Net Realizable
Value Per Unit
(33
$119
15
Product
BB
FM
MB
SL
47
51
Required:
Calculate LCNRV for the inventory:
e. As a whole (assuming the items are similar).
LCNRV applied to inventory
Product
88
FM
MB
SL
Unit Cost
$ 114
149
b. Applied separately to each product
3
190
82
Total
Cost
0 3
Total
NRV
142
176
96
LCNRV
applied to
Each Product
0 3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F83b62d92-ae46-4dd3-8277-7ec31e6fe3f8%2Fa7dbaef1-d549-40e3-86d6-8c51c1ea09ac%2Fvv5i7cg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Showtime Company's ending inventory at December 31, 2023, Includes the following items:
Units on
Hand
Net Realizable
Value Per Unit
(33
$119
15
Product
BB
FM
MB
SL
47
51
Required:
Calculate LCNRV for the inventory:
e. As a whole (assuming the items are similar).
LCNRV applied to inventory
Product
88
FM
MB
SL
Unit Cost
$ 114
149
b. Applied separately to each product
3
190
82
Total
Cost
0 3
Total
NRV
142
176
96
LCNRV
applied to
Each Product
0 3
![c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).
View transaction list
Journal entry worksheet
Record the entry to write down inventory to NRV.
Note: Enter debits before credits.
Date
Dec 31, 2023
Record entry
General Journali
Clear entry
Debit
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F83b62d92-ae46-4dd3-8277-7ec31e6fe3f8%2Fa7dbaef1-d549-40e3-86d6-8c51c1ea09ac%2Fhgeeji_processed.jpeg&w=3840&q=75)
Transcribed Image Text:c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).
View transaction list
Journal entry worksheet
Record the entry to write down inventory to NRV.
Note: Enter debits before credits.
Date
Dec 31, 2023
Record entry
General Journali
Clear entry
Debit
Credit
View general journal
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