At the end of the year, Randy's Parts Company had the following items in inventory Item P1 P2 P3 P4 Quantity 66 38 90 43 Unit Cost $ 87 65 135 59 Unit Market Value $ 89 75 123 67 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 Required D Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory Item ducation.com/ext/map/index.html?_con=con external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a 21 Saved Help 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 Required D Determine the amount of ending Inventory using the lower-of-cost or market rule applied to each individual inventory item. Ending inventory Required B > Company uses the perpetual inventory system. Complete this question by entering your answers in the tabs below. Required A Required B Required c Required D 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Dobit Credit CHECK MY woni 1 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. Assume that Randly's Parts Company uses the perpetual inventory system Gints 8 00:02:04 Complete this question by entering your answers in the tabs below. tBook Required A Required B Required Required Print References Determine the amount of ending Inventory, assuming that the lower-of-cost or market rule is applied to the total inventory in aggregate Ending inventory Check Complete this question by entering your answers in the tabs below. Required A Required B Required Required 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account field View transaction list View journal entry worksheet No Event General Journal Debit Credit Required C
