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What should be reported as loss on inventory write down

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Reference no: EM132667212

Rovi Company provided the following data for the current year:
Inventory - January 1:

Cost 2,000,000
NRV 1,700,000
Purchases 9,000,000
Purchase returns 200,000

Inventory - December 31:

Cost 3,500,000
NRV 2,800,000

Problem 1: Under the lower of cost or NRV, what should be reported as loss on inventory write down for the year?

Group of answer choices

Option 1: 1,000,000

Option 2: 700,000

Option 3: 300,000

Option 4: 400,000

Reference no: EM132667212

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