Lower of Cost or Net Realizable Value

Sue Stone, the president of Tippecanoe Home Products, has prepared the following information for the company's television inventory at the end of the year:

$1.$ Lower of Cost or Net Realizable Value

Sue Stone, the president of Tippecanoe Home Products, has prepared the following information for the company's television inventory at the end of the year:

Required:

Determine the carrying amount of the inventory using lower of cost or net realizable value applied on an item$-$by$-$item basis.

$

Prepare the journal entry required to value the inventory at lower of cost or net realizable value. If an amount box does not require an entry, leave it blank.Determine the carrying amount of the inventory using lower of cost or net realizable value applied on an item$-$by$-$item basis.

$2.$ Prepare the journal entry required to value the inventory at lower of cost or net realizable value. If an amount box does not require an entry, leave it blank.