15. The Big Balls Company has decided to value its materials inventory at the lower of...

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15. The Big Balls Company has decided to value its materials inventory at the lower of cost or net realizable value. The Materials account has an ending balance of P110,492. The estimated selling price and selling expenses are P134,315 and P26,855 respectively. What is the journal entry to value the inventory at the lower of cost or NRV? Controlling and Costing Materials Inventory - Number 15 Continued Scanned with CamScanner a. Loss on inventory write-down Allowance for inventory write-down 3,032 3,032 b. Loss on inventory write-down Inventory 23,823 23,823 c. Allowance for inventory write-down Gain on inventory write-down 3,032 3,032 d. Loss on inventory write-down Inventory 3,032 3,032 159 15. The Big Balls Company has decided to value its materials inventory at the lower of cost or net realizable value. The Materials account has an ending balance of P110,492. The estimated selling price and selling expenses are P134,315 and P26,855 respectively. What is the journal entry to value the inventory at the lower of cost or NRV? Controlling and Costing Materials Inventory - Number 15 Continued Scanned with CamScanner a. Loss on inventory write-down Allowance for inventory write-down 3,032 3,032 b. Loss on inventory write-down Inventory 23,823 23,823 c. Allowance for inventory write-down Gain on inventory write-down 3,032 3,032 d. Loss on inventory write-down Inventory 3,032 3,032 159