Inventory on Balance Sheet - $317,810

Once the company determines the Inventory balance under the new method (LIFO), it must consider the need for an inventory write-down. Powell applies the write-down procedure to the inventory as a whole. Information concerning the companys December 31, 2018 inventory follows:

Net realizable value	$339,650
Normal profit margin	67,385
Replacement cost	269,810

Prepare the journal entries to record the omitted