The following information pertains to Superior Woodwork Co.'s ending inventory for the current year. Required a. Determine
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The following information pertains to Superior Woodwork Co.'s ending inventory for the current year.
Required
a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate.
b. Prepare any necessary journal entries, assuming the decline in value is immaterial. Superior Woodwork Co. uses the perpetual inventory system. (Make entries for both methods.)
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