a. calculate the lower of cost or market for the ending inventory

b. if an adjusting journal entry is required record it

c.why is the ending inventory carried at the lower of cost or market?

Lower of Cost and NRV Quantity Unit Cost 7 Inventory Items Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS 473516 $27.000 18,000 13,000 17.000 37,000 30,000 Unit NRV $25,000 17,000 15.000 20.000 40,000 28,000