(4.10) Journalize inventory at the lower of cost or market. ournalize inventory at the lower of cost or market. (Obj.7). The Bigelow Conmp to value its raw materials inventory at the lower of cost or market. The account has an ending balance of $110,492. The market value of the raw Raw has decided Materials als is $107,460. R lower of cost or market. ecord the necessary general journal entry to value the inventory at the (4.11) Journalize inventory at the lower of cost or market. (Obj. 7). At the end of the cur- rent fiscal year, the Raw Materials account for the Martinez Manufacturing Company has a balance of $296,369. The company has been using the lower of cost or market method for several years. The Allowance for Reduction of Inventory to Market Value account has a bal- ance of S8,930The market value of the raw materials at the end of the year is $291,250. Record the adjusting entry needed to value the raw materials at the lower of cost or market Use different inventory costing methods. (Objs. 1-3). The Allegheny Manufacturing Company uses a perpetual inventory system to control materials. Data relating to Material S-8 during January 2006 are given below