Cullumber's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing...
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Cullumber's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The compary is now in the process of comparing the cost of its imventory with its net realizable value. The following data are available at Cullumber's Gift Shop's year end, December : a Your answer is correct. Determine the lower of cost and net realizable value of the ending inventory assuming Cullumber's Gift Shop applies LCNRV on individual items. Lower of cost and net realizable value eTextbook and Media List of Accounts b Prepare the joumal entry required, if any, to record the adjustment from cost to net realizable value. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. List debit entry before credit entry. 
Cullumber's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The compary is now in the
process of comparing the cost of its imventory with its net realizable value. The following data are available at Cullumber's Gift Shop's
year end, December :
a
Your answer is correct.
Determine the lower of cost and net realizable value of the ending inventory assuming Cullumber's Gift Shop applies LCNRV on
individual items.
Lower of cost and net realizable value
eTextbook and Media
List of Accounts
b
Prepare the joumal entry required, if any, to record the adjustment from cost to net realizable value. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles
and enter for the amounts. List debit entry before credit entry.
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