Great Electronics sells two types of products: laptops and monitors. They purchased the laptops at $500/unit and the monitors at $180/unit. When they examine the ending inventory at the end of the accounting period, they count 50 laptops and 30 monitors. They determine the market value of the laptops is $520/unit and the value of the monitors is $140/unit. Record the journal entry to bring the inventory to the correct amount on the balance sheet.

Great Electronics sells two types of products: laptops and monitors. They purchased the laptops at $500/ unit and the monitors at $180/ unit. When they examine the ending inventory at the end of the accounting period, they count 50 laptops and 30 monitors. They determine the market value of the laptops is $520 /unit and the value of the monitors is $140/ unit. Record the journal entry to bring the inventory to the correct amount on the balance sheet