Financial Accounting Quiz
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INVENTORY
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Carson Industries has three inventory items at year-end. Item X costs $12,000 with NRV of $11,200. Item Y costs $8,500 with NRV of $9,100. Item Z costs $15,300 with NRV of $14,800. If Carson applies the lower of cost or NRV method on an individual item basis, what total adjustment to cost of goods sold is required?
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