NorthWest Boards and Bikes sells and rents skis and snowboards in the winter and bicycles during the whole year. The following data appear in the balance sheet or have been gathered by the chief accountant in preparing for end-of-year adjustments.

Required
1 Choose the unit value at which each of the five types of products should be valued in the closing inventory.
2 Calculate the amount of the adjusting entry required to bring the inventory amount to its correct value.
3 Compute the reported value of the ending inventory for each product and overall.

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In CU per unit (except for the quantities) Products Board A 150 148 147 210 10 Bike C Bike D Cost of acquisition Curment wholesale price from supplier Cument net liquidation realizable value Current nomal market sale price Board B 175 176 169 225 15 200 200 210 247 5 225 212 263 450 20 Blike E 250 278 470 625 8 Number of units in ending inventory