Question - The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015:
Ending inventory at cost.........................$54,000
Ending inventory at NRV........................$52,700
Ending inventory at fair value...................$59,000
COGS before any adjustment for NRV........$67,000
Which of the following is the adjusted COGS balance for Bands Are Us. Inc. after NRV adjustment?
$65,700
$68,300
$67,000
$72,000
$62,000