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At the end of a reporting period, a company determines that its ending inventory has a cost greater than its net realizable value. What would

At the end of a reporting period, a company determines that its ending inventory has a cost greater than its net realizable value. What would be the effect(s) of the adjusting entry to write down inventory to net realizable value?

Multiple Choice

Increase retained earnings

Decrease total assets and net income

Decrease total assets

Decrease net income

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