Explain the (a) lower of cost or net realizable value (LCNRV) a... | Filo
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Net Realizable Value - Meaning, How To Calculate, Example
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3. The controller of Lawn-Man Company is applying the lower of cost and netrealizable value of valuing ending inventory. The following information isavailable:COSTNet Realizable ValueLawnmowersSelf-propelled1900021000Push Type2500020000Total4400041000SnowblowersManual3800037000Self-start2400026000TOTAL6200063000Total Inventory106000104000a. Prepare a schedule which shows the value of the inventory by applying thelower of cost and net realizable value to each item in inventory. (b. Prepare the jo
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