The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Units Cost per Unit Net Rea
lizable Value RSK-89013 550 $38 $44 LKW-91247 329 49 45 QEC-57429 462 25 33 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis. $ 2. Prepare the journal entry required to value the inventory at lower of cost or market. (Inventory adjustment to market value)
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The trial balances of the Cobras Incorporated as of the given date and position will tally a balance of $62,400.
<h3>What is a trial balance?</h3>A table that contains all the debit and credit balances from all the ledger books of accounts of a business organization as on a given date is known as the trial balance of such organization.
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