The net realizable value of Majik's ending inventory items at June 30, 2017 are asfollows: 
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, 2017.
Definitions:
Antisocial Personality Disorder
A psychological disorder defined by a chronic inclination to overlook or breach other people's rights.
Prefrontal Cortex
The front part of the frontal lobe of the brain, involved in decision making, problem-solving, control of purposeful behaviors, consciousness, and emotions.
Hippocampus
A region of the brain that is associated with memory formation, navigation, and spatial orientation.
Intermittent Explosive Disorder
A behavioral disorder characterized by explosive outbursts of anger and violence that are disproportionate to the situation.
Q17: A wholesaler is a company that buys
Q36: The agreed cost of an item to
Q50: An understatement of beginning inventory will understate
Q53: The expense created by allocating the cost
Q65: Calculate the gross profit ratio for each
Q84: An abnormal balance in an account refers
Q136: FreshFoods Co. is a small fruit and
Q142: The days' sales uncollected ratio measures a
Q147: Understatement of ending inventory causes:<br>A)Cost of goods
Q161: The amount of the month-end adjusting entry