Flounder's Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31:ItemSkates:BauerCCMRunning shoes:AdidasNike(a)Units1411Save for Later69Unit CostEnding inventory balance $eTextbook and Media$245$398$106$103Unit NRV$386$336Calculate the ending inventory balance for skates and running shoes using the lower of cost and net realizable value for each item.$106$964Attempts: 0 of 2 usedSubmit Answer

According to Inventory valuation, inventory is valued at lower of cost and net realizable value.…

Answered: Flounder's Sporting Stores Inc.…

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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