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Part $1$

ELV 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 ELV$\text{'}$s suppliers to lower the prices that ELV will pay when it replaces its inventory. It is now December$31,2018,$ and the net realizable value of ELV$\text{'}$s ending inventory is $ $50$ comma $000$ below what the company actually paid for the$$ goods, which was $ $210$ comma $000.$ Before any adjustments at the end of the$$ period, the Cost of Goods Sold account has a balance of $ $800$ comma $000.$