Ivanhoe's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Ivanhoe's Gift Shop's year-end, December 31: Units Clothing 96 Jewellery 69 Greeting cards 40 Stuffed toys 58 Unit Cost $9 20 2 13 Net Realizable Value per Unit Lower of cost and net realizable value $7 27 5 40 Determine the lower of cost and net realizable value of the ending inventory assuming Ivanhoe's Gift Shop applies LCNRV on individual items

Ivanhoe's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Ivanhoe's Gift Shop's year-end, December 31: Units Clothing 96 Jewellery 69 Greeting cards 40 Stuffed toys 58 Unit Cost $9 20 2 13 Net Realizable Value per Unit Lower of cost and net realizable value $7 27 5 40 Determine the lower of cost and net realizable value of the ending inventory assuming Ivanhoe's Gift Shop applies LCNRV on individual items

Name: vishusubject-Accounting Prepare the journal entry required, if any, to
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Description: vishusubject-Accounting Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is requir

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 4E

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