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True [87]
3 years ago
6

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)

Business
1 answer:
valentina_108 [34]3 years ago
3 0

Answer:

1. $47,255

2. Dr Cost of goods sold account $1,316

Cr Inventory account $1,316

Explanation:

Please find attached detailed solution to the above questions and answers.

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