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Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Hand Net Realizable Value Per Unit $ 116 139 173 93 Product 88 BE20 FM MB SL 36 15 se 54 Unit Cost $ 111 146 187 79 Required: Calculate LCNRV for the inventory. a. As a whole (assuming the items are similar) LCNRV applied to inventory S 19,802

Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Hand Net Realizable Value Per Unit $ 116 139 173 93 Product 88 BE20 FM MB SL 36 15 se 54 Unit Cost $ 111 146 187 79 Required: Calculate LCNRV for the inventory. a. As a whole (assuming the items are similar) LCNRV applied to inventory S 19,802

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: Net Realizable Value Per Unit $ 116 139 173 93 Product EBERA BB FM MB SL LCNRV applied to inventory Product Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). 2528 BB FM Units on Hand 36 15 Se b. Applied separately to each product. MB SL 54 S No 1 $ Unit Cost $ 111 Total Cost 111 S 148 187 79 523 S View transaction list 146 187 79 S 19,802 Date Dec 31, 2023 Total NRV LCNRV applied to Each Product c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). 116 139 173 93 521 $ View journal entry worksheet 0 Merchandise inventory General Journal Debit Credit
Transcribed Image Text:Showtime Company's ending inventory at December 31, 2023, includes the following items: Net Realizable Value Per Unit $ 116 139 173 93 Product EBERA BB FM MB SL LCNRV applied to inventory Product Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). 2528 BB FM Units on Hand 36 15 Se b. Applied separately to each product. MB SL 54 S No 1 $ Unit Cost $ 111 Total Cost 111 S 148 187 79 523 S View transaction list 146 187 79 S 19,802 Date Dec 31, 2023 Total NRV LCNRV applied to Each Product c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). 116 139 173 93 521 $ View journal entry worksheet 0 Merchandise inventory General Journal Debit Credit
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