Assume that Bonsai Boards has the following LIFO perpetual inventory record for snowboards for the month of November:

At November 30, the accountant for Bonsai Boards determines that the current replacement cost of the ending inventory is $1,615. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Inventory would be reported on the balance sheet at what value on November 30?

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Snowboards Cost of Inventory Date Purchases Goods Sold on Hand Nov 1 $1,320 8 $ 840 $2,160 19 $1,640 $ 520 30 $1,130 $1,650