Assume you determined that the net realizable value for the orange widgets is $775 per unit, while the net realizable value less a normal margin is $745 per unit. Prepare the adjusting entry, in p

Assume you determined that the net realizable value for

the orange widgets is $775 per unit, while the net realizable value less a normal

margin is $745 per unit. Prepare the adjusting entry, in proper form without an

explanation, for the proper presentation of orange widgets at December 31, 2012

assuming you examined a vendor invoice dated January 2, 2013 for 500 orange

widgets at $750 each for a total of $375,000. The units were received on

January 4, 2013.

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