Solution for QID #17525: Allegro Music sells musical equipment. A detailed list of Al | StudyHelpMe

Allegro Music sells musical equipment. A detailed list of Allegro Music’s inventory follows:   Inventory item Number of units — year end Cost per unit Total cost NRV* per unit Total NRV LCNRV** Chime Set 3 $750 2,250 790 2,370   Cymbals 4 70 280 85 340   Drum Sets 3 450 1,350 525 1,575   Flutes 5 650 3,250 775 3,875   Violins 3 1,500 4,500 1,650 4,950   Guitars 7 62 434 45 315   Guitars-acoustic 9 125 1,125 132 1,188   Guitars-electric 12 190 2,280 225 2,700   Keyboards 4 2,200 8,800 2,100 8,400   Pianos-entry 3 2,300 6,900 2,500 7,500   Pianos-introductory 5 4,500 22,500 4,900 24,500   Pianos-intermediate 2 12,000 24,000 14,200 28,400   Pianos-professional 1 22,500 22,500 25,000 25,000   Pianos-upright 2 5,000 10,000 7,500 15,000   Recorders 25 7 175 10 250   Saxophones 3 575 1,725 675 2,025   Triangles 5 55 275 65 325     Xylophones 4 245 980 300 1,200         TOTAL= 113,324   Total= 129,913   *NRV = net realizable value **LCNRV = lower of cost and net realizable value Required: Complete the schedule above and prepare the year-end adjusting entry to record the inventory at the lower of cost and net realizable value.