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Lower of Cost and Net Reslizable Value Garcia Company's inventory at the end of the year was recorded in its accounting records at $21,800. Due to technological changes in the market, Garcia determined tha the net realizable value of the inventory was 520,710 . Required: 1. Using the fower of cost and net realizable value, what amount should Garcia report for inventory on its statement of financial position at the end of the year? 2. Prepare the foumal entry required to value the inventory at the lower of cost and net realizabie value. Dec 31 (Reduced inventory to net realizable value)