The net realizable value of Majik's ending inventory items at June 30, 2020 are as follows:
Make the adjusting entry, if needed, to state Majik's inventory at its lower of cost and net realizable value (LCNRV) on an item-by-item basis at June 30, 2020.
Definitions:
Observation Learning
A type of learning that occurs through observing the behaviors of others and the outcomes of those behaviors, without direct instruction.
Learning
The process of acquiring new understanding, knowledge, behaviors, skills, values, attitudes, or preferences through study, experience, or teaching.
Extinction
in behavior science, refers to the process by which a previously reinforced behavior is weakened by ceasing to provide reinforcement.
UCS
An abbreviation for Unconditioned Stimulus, a stimulus that naturally and automatically triggers a response without any prior conditioning in behavioral psychology.
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