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IC Trade Mart has cecenty had lacbuster saies. The rate of imventoy tumover has dropped, and the merchandise is gathering dust. At me same firne, compoliticn han forced AMCi supplitrs to lowee he 5280,000 Belore any adjustments at the end of the period, the Cost of Coods Sold eccoent has a talance of 5770.000 ad the requiroments qeirement a. What acobunting actan should AMC take in this stuaton? E should agply the to account for inventoset. The net realzable value of oeding inventocy is AMC's actus sost so AMC must wrte the my matoy lizabe vatue Requirements a. What acoounting action should AUC tako in thil stistion? b. Cre any oumal entry required. c. At what amourt should the ormpany ceport invenbory on the balance sheot? d. At what a mourt should the compony resort Cost of Goodi Sald on the inoone itateren? 6. Pipcuas tere accourting prindiple er concept that is mave rolevint to this situatoh