Kevin Spears, the accountant of Tyler Electronics Inc. has prepared the following information for the company's inventory at the end of 2013: Market Value Quantity per Unit Model RSQ535 JKY942 LLM112 KZG428 30 52 Cost per Unit $100 140 85 105 $120 125 80 128 63 Required: 1. Determine the carrying amount of the inventory using lower of cost or market applied on an item-by-item basis. Hide 2. Prepare the journal entry required to value the inventory at lower of cost or market. (Reduced inventory to market value) 3. Conceptual Connection: What is the impact of applying the lower of cost or market rule on the financial statements of the current period? What is the impacto The input in the box below will not be automatically graded, but may be reviewed and considered by your instructor