Please Solve all Parts with Explanation and Do not give Solution in image format Showtime Company's ending inventory at December 31, 2023, includes the following items:Net RealizableValue Per Unit$ 11613917393ProductEBERABBFMMBSLLCNRV applied to inventoryProductRequired:Calculate LCNRV for the inventory:a. As a whole (assuming the items are similar).2528BBFMUnits onHand3615Seb. Applied separately to each product.MBSL54SNo1$Unit Cost$ 111TotalCost111 S14818779523 SView transaction list14618779S 19,802DateDec 31, 2023TotalNRVLCNRVapplied toEach Productc. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).11613917393521 $View journal entry worksheet0Merchandise inventoryGeneral JournalDebitCredit

Name: Please Solve all Parts with Explanation and Do not give Solution in i
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Description: Please Solve all Parts with Explanation and Do not give Solution in image format Showtime Company's ending inventory at December 31, 2023, includes the following items:Net RealizableValue Per Unit$ 11613917393ProductEBERABBFMMBSLLCNRV applied to in

Lets understand the basics. As per IAS 2 "Inventory", inventory should be valued at lower of cost or…

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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