eso, Intermediate Accounting, 17e elp System Announcements CALCU blem 9-05 a-b land Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available fro ember 31, 2020 m Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 0.89 0.78 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 eg Forda is an accounting clerk in the accounting department of Sunland Co., and he cannot understand why the market value realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory u are the manager of the department and an accountant. Your answer is correct. lculate the lower-of-cost-or-market using the individual-item approach. Lower-of-Cost-or-Market (Per unit basis) em A 8.33 8.77 6.04 4.22 em 6.66 4.22 CALCU Item 6.66 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Your answer is partially correct. Try again. Show the journal entry he will need to make in order to write down the ending inventory from cost to market. (Credit account amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and ente Account Titles and Explanation Cost of Goods sold Method: Debit Credit Cost of Goods Sold 54308 54308 The Loss method: TLoss Due to Market Decline 52773 Allowance to Reduce In 52773 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT