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M. In accordance with Generally Accepted Accounting Principles, Bust-a-Move Snowboard must record their inventory in accordance with the Lower Cost or Market concept. Use the

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M. In accordance with Generally Accepted Accounting Principles, Bust-a-Move Snowboard must record their inventory in accordance with the Lower Cost or Market concept. Use the indirect method when recording your proposed entry. Inventory is inclusive of the following: Replacement Profit Inventory Item # of Items Cost Cost Selling Price Costs to Sell Margin Bindings T 585 52.00 5 55.00 65.00 5 5,00 23% Snowboards 345 S 131.00 $ 127.50 $ 250.00 $ 15.00 4 Boots 144 S 41.00 $ 55.00 $ 55.505 5.00 Helmets 1,000 $25.00 $ 20.00 $ 35.00 $ 2.50|| Bust-a-Move Snowboard has asked you to make the following adjusting journal entries to record the following transactions (A-O)

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