PLEASE HELP ANSWER ALL QUESTIONS

Great White Trade Mart has recently had lackluster sales. The rate of inventory turnover has dropped, and the merchandise is gathering dust. At the same time, competition has forced Great White's suppliers to lower the prices that Great White will pay when it replaces its inventory. It is now December 31, 2018, and the net realizable value of Great White's ending inventory is $92,000 below what the company actually paid for the goods, which was $280,000. Before any adjustments at the end of the period, the Cost of Goods Sold account has a balance of $780,000. Read the requirements. Requirement a. What accounting action should Great White take in this situation? to account for inventories. The net realizable value of ending inventory is Great White's actual cost, so Great White must write the inventory to net Great White should apply the realizable value. Requirement b. Give any journal entry required. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required, select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Journal Entry Date Accounts Debit Credit Dec 31 Requirement c. At what amount should the company report Inventory on the balance sheet? Great White should report Inventory on the balance sheet at $ Choose from any list or enter any number in the input fields and then continue to the next question. Requirement d. At what amount should the company report Cost of Goods Sold on the income statement? Great White should report Cost of Goods Sold on the income statement at Requirement e. Discuss the accounting principle or concept that is most relevant to this situation. V is the reason to account for inventory using directs accountants to report inventory at the most realistic and transparent amount. Choose from any list or enter any number in the input fields and then continue to the next