Problem 7-8: The Cyber Corporation The Cyber Corporation is a manufacturer of MP3 players. Immediately prior to the year end, a competitor released a superior product and it is now apparent that the finished goods inventory is worthless. The following information is available from the unadjusted trial balance: Amount 1000 301 Account Revenue Inventory Cost of Goods Sold 800 Required 1. Compute Gross Margin based upon the data from the unadjusted trial balance. 2. Assume that as a result of the competing product, the market value of the ending inventory is $101. Prepare a journal entry to record inventory at the lower of cost or market. 3. Calculate gross margin following the adjustment in part 2 Upon completion, enter the following data here: Gross margin based upon the unadjusted trial balance Gross margin following the inventory write down: Journal entry to record write down