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Lower of Cost or Net Realizable Value The accountant for Murphy Company prepared the following analysis of its inventory at year end: 1. Compute the carrying value of the ending inventory using the fower of cost or net realizable value rule applied on an item-by-item basis. 2. Prepare the foumal 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 biank