At the end of the year, Randy's Parts Company had the following items in inventory.

Required

a$.$ Determine the amount of ending inventory using the lower$-$of$-$cost$-$or$-$market rule applied to each individual inventory item.

b$.$ Provide the general journal entry necessary to write down the inventory based on Requirement a$.$ Assume that Randy's Parts

Company uses the perpetual inventory system.

c$.$ Determine the amount of ending inventory, assuming that the lower$-$of$-$cost$-$or$-$market rule is applied to the total inventory in

aggregate.

d$.$ Provide the general journal entry necessary to write down the inventory based on Requirement c$.$ Assume that Randy's Parts

Company uses the perpetual inventory system.

Complete this question by entering your answers in the tabs below.

Required $A$

Required B

Required C