Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Units Cost per Unit Net Realizable Value RSK-89013 470 $38 LKW-91247 QEC-57429 462 Required: 329 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-Item basis. 2. Prepare the journal entry required to value the inventory at lower of cost or market. Cost of Goods Sold Inventory (Inventory adjustment to market value) Previous Next > Check My Work 3 more Check My Work uses remaining