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Acct 201-Exam #2 (B)-Fall 2017 Exercise #5(6 points) The following information pertains to Royal Auto Parts' ending inventory for the current year. Unit Market Unit

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Acct 201-Exam #2 (B)-Fall 2017 Exercise #5(6 points) The following information pertains to Royal Auto Parts' ending inventory for the current year. Unit Market Unit Item Quantity Cost Val 100 50 20 S6 Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. Use this value to calculate the adjusting entry amount for the current year Unit Market Total UnitTotal Value CostMarket Cost Item Item Quantity Unit Cost Total What is the adjusting entry amount required by the LCM calculation? Briefly show your worlk

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