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:
Budget Deficit
The condition in which a nation spends more than it takes in from taxes.
Agricultural Commodities
Products derived from agriculture such as grains, livestock, and dairy that are traded on various commodity exchanges.
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