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Brief Exercise 6-33 Lower of Cost and Net Realizable Value Garcia Company's inventory at the end of the year was recorded in its accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $16,500. Required: 1. Using the lower 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? $ 16,500 2. Prepare the journal entry required to value the inventory at the lower of cost and net realizable value. Dec. 31 Cost of Goods Sold 1,300 Inventory (Reduced inventory to net realizable value) 1,300 1,300