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Question 1: Gallifrey Company is evaluating its inventory to determine whether it must be adjusted based on lower of cost or market values. Gallifrey Co.
Question 1: Gallifrey Company is evaluating its inventory to determine whether it must be adjusted based on lower of cost or market values. Gallifrey Co. has three different types of software in its inventory, and the following information is available for each. Inventory Items Product A Product B Product Units 7 6 7 Per Unit Cost Market $ 82 $ 84 108 111 104 101 Required: Compute the lower of cost or market for ending inventory assuming Gallifrey applies the lower of cost or market rule to each product in inventory. Must Gallifrey adjust the reported inventory value? If yes prepare the journal entry
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