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Multiple Select Question Select all that apply ABC Corp. has inventory at cost...

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Accounting

Multiple Select Question
Select all that apply
ABC Corp. has inventory at cost of $85,000. The net realizable value of the inventory is $60,000. Which of the following statements about LCNRV are true? (check all that apply)
Multiple select question.
Cost of goods sold will be shown on the income statement at $60,000
It is usually applied on an item-by-item basis.
Inventory will be shown on ABC's balance sheet at $85,000
The adjusting entry will debit cost of goods sold $25,000
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