Lower of Cost or Net Realizable ValueLower of Cost or Net Realizable Value

Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period:

Required:

Compute the carrying value of Meredith's ending inventory using the lower of cost or net realizable value rule 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.

Cost of Goods Sold grad$$

Inventory $$

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Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period:

Required:

Compute the carrying value of Meredith's ending inventory using the lower of cost or net realizable value rule 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.