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Showtime Company's ending inventory at December 31, 2023, includes the following items: Product Units on Hand Unit Cost Net Realizable Value Per Unit BB 36 $ 111 $ 116 FM 15 146 139 MB 50 187 173 SL 54 79 93 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). b. Applied separately to each product. c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).

Showtime Company's ending inventory at December 31, 2023, includes the following items: Product Units on Hand Unit Cost Net Realizable Value Per Unit BB 36 $ 111 $ 116 FM 15 146 139 MB 50 187 173 SL 54 79 93 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). b. Applied separately to each product. c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).

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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Showtime Company's ending inventory at December 31, 2023, includes the following items: Product Units on Hand Unit Cost Net Realizable Value Per Unit BB 36 $ 111 $ 116 FM 15 146 139 MB 50 187 173 SL 54 79 93 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). b. Applied separately to each product. c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).
Transcribed Image Text:Showtime Company's ending inventory at December 31, 2023, includes the following items: Product Units on Hand Unit Cost Net Realizable Value Per Unit BB 36 $ 111 $ 116 FM 15 146 139 MB 50 187 173 SL 54 79 93 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). b. Applied separately to each product. c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).
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