help please$!

AMC Trade Mart has cecently had ladduster sales, The rate of imentory turnover has dropped, and the morchandise is gatiering dust At the same time, oompetion has forced AMCrs suppliers to lower the was $280,000. Before any aduatments at the end of the period, the Cost of Goods Sold acceurt has a balance of $770.000 Read the recurements Requirement a. What accounting acticn ahould AMC take in this situation? AMC shouid apply the realzable value to account for imentories. The net realitable value of ending inventory is AMCs sctual cost, to AMC must write the imveviry Requirements a. What acoounting action should AMC take in this situation? b. Cie any feuma entry required. 6. At what amount thould the company foport inventory on the balance sheet? d. At what amount should the compary report Cost of Goods Sold on the income stalement? e. Discuss the accounting peinclpe or concept that is most reievant to this stuation