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Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV)....

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Accounting

Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.
Inventory Quantity Unit Cost Unit NRV
Ski jackets 20 $115 $95
Skis 25300350
Record any necessary adjusting entry for the lower of cost and net realizable value. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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