ACCO 301-Asignacin Taller 6 E9-7 (L02) (Lower-of-Cost-or-Market) Referring to the inventory data for Sedato Company in E9-3, assume that Sedato fol- lows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost of Completion Item No. Quantityr Unit to ReplaceSelling Price and DisposalNormal Profit 50.35 0.50 040 1,200 $450 $1.25 2.30 3.70 3.10 1.00 1426 1437 1510 800 1,000 3.25 3.80 3.00 1.80 2.70 1.60 5.20 040 0.75 0.50 0.50 1.00 16s 1000 6.00 From the information above, determine the amount of Sedato Company inventory P9-4 (LO2) EXCEL GROUPWORK Lowerof-Cost-or-Markety Referring to the situation in P9-2 for Garcia Home Improve ment Company, consider the following expanded data at May 31, 2017. Assume Garcia uses LIFO inventory costing Sales s 70,000 62.50064000 186,400 Net Realizable Normal Cost Cost Aluminum siding Cedar shake siding Louvered glass dooes Thermal windows s 56,000 6,000124000154 800 112000 168,300 140,000 $449,100 s 5,100 7400 18,500 15,400 $408.000 391,900 (a) (1) Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2017 (2) For the fiscal year ended May 31, 2017, determine the amount of the gain or loss that would be recorded due to the (b) Explain the rationale for the use of the lower-of-cost-or-market rule as it applies to inventories change in Allowance to Reduce Inventory to Market