Answer the following questions

ACCT 2301.004 Fall 2023 Homework Assignment \#4 1. Boulder, Inc. is computing its inventory at December 31,2022 . The following information relates to the five major inventory items regularly stocked for resale: Required: Using the lower of cost or market rule (LCM or net realizable value), compute the total valuation for each inventory item at December 31,2022, and the total inventory valuation. 2. Illustrate how errors in measuring Beginning Inventory or Ending Inventory (overstate or understate) will affect Income Statement and Balance Sheet items