A company reports inventory using the lower of cost and net realizable value (NRV). Below...
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Accounting
A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.
| Inventory | Quantity | Cost per Unit | NRV per Unit | ||||
| Ski jackets | 16 | $ | 170 | $ | 150 | ||
| Skis | 25 | 330 | 220 | ||||
Calculate the amount to be reported for ending inventory. Ending Inventory:
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