A retailer requires a merchandise management organization in which sales personnel are closely supervised. An appropriate organization focuses on _____

If NRV is lower than cost, we need an adjusting entry to _____ inventory from its already recorded purchase cost to the lower NRV. NRV then becomes the new carrying value of inventory reported in the balance sheet.

Fill in the blank(s) with the appropriate word(s).

What is a strength of this activity report's format?

It avoids lists. It uses justified margins. It's divided into clear sections.