eBook Show Me How Calculator Exercise 6-57 (Algorithmic) Lower of Cost or Market Yang Manufacturing sells a limited line of specially made products, u Item sin campaigns in large cdties. At year end, Yano has the following data for its inventory: Number of Units Historical Cost per Market Value per Unit Unit Phone Stereo Electric shaver MP3 alarm clock Handheld game system Required: 600 180 220 430 570 $24 30 26 40 $13 190 35 25 19 1. Compute the carrying value of the ending inventory using the lower of cost or market rule applied on an item-by-item basis. 67,840 Feedbacik Check My work Cmpare actusl Cont t mae vabue the loworamount s hevelusn df mruntur t manter ou 1. Compare actual cost of inventory to its market value. The lower amount is the value of inventory It market value is lower, the inventory account is adjusted 2. Prepare the journal entry required to value the inventory at lower of cost or market. Cost of Goods Sold Inventory (Reduced inventory to market value) Check My Work Email Instructor Do more with Microsoft Edge- the fast, new browser built for Windows 10. Change my default Don't ask againX