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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Brief Exercise 6-16 (Algo) Calculate ending inventory using the lower of cost and net realizable value
(LO6-6)
Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-
end inventory.
Unit
Cost
Optima cameras
$77
Inspire speakers
47
Calculate the total amount to be reported for ending inventory in the balance sheet.
Inventory
Inventory
Optima camera
Inspire speakers
Quantity
100
40
Quantity
100
40
Unit
NRV
Lower of Cost and
NRV per unit
$47
57
Ending
Inventory
Expert Solution
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