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:
Specific Assets
Assets that are clearly identified and uniquely distinguishable from other assets in terms of type, nature, or usage.
Maturity Date
The Maturity Date is the specific date on which a financial obligation must be paid off or when an investment becomes due for repayment.
Face Value
The nominal value or dollar value printed on a financial instrument, such as a bond or a stock certificate.
Interest Paid
The total amount of interest paid by a borrower to a lender over a particular period for the use of borrowed money.
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