At the end of the year, Ray€™s Repair Service had the following items in inventory:

Required
a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item.
b. Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Ray€™s Repair Service uses the perpetual inventory system.
c. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate.
d. Provide the general journal entry necessary to write down the inventory based on Requirement c. Assume that Ray€™s Repair Service uses the perpetual inventory system.
e. Explain how the inventory loss would be reported when the periodic inventory systemis used.

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Unit Unit Item uantity Cost Market Value S 90 P1 P2 P3 P4 70 50 90 60 S 80 60 140 130 130 140