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list of accounts

• Accounts Payable
• Adjustment to Record Inventory at Cost
• Allowance to Reduce Inventory to Market
• Allowance to Reduce Inventory to NRV
• Biological Assets - Shearing Sheep
• Cash
• Cost of Goods Sold
• Estimated Liability on Purchase Commitments
• Inventory
• Inventory Over and Short
• Loss Due to Decline of Inventory to NRV
• Loss Due to Market Decline of Inventory
• Notes Payable
• Purchases
• Raw Materials
• Recovery of Loss Due to Market Decline of Inventory
• Recovery of Loss Inventory
• Salaries and Wages Expense
• Sales Revenue
• Unrealized Holding Gain or Loss - Equity
• Unrealized Holding Gain or Loss - Income
• Wool Inventory

Marin, Inc. values its inventory at the lowerofLl FOcostormarket. The fol lowing information is available from the company's inventory records as of December 31, 2020. Estimated Completion & Normal Unit Replacement Selling Disposal Prot item Quantity Cost Costmnit PriceIUnit Cost! Unit MarginNnit X490 11643 $1350 $1482 $1136 $372 $422 X512 6,133 3.63 9.30 11.04 0.31 2.23 X632 22,320 23.56 23.06 39.12 4.03 11.16 2195 1&500 1167 1136 2455 174 113 Z846 1&664 1483 1381 1130 160 136 Calculate the lowerofcostormarket using the individualitem approach. {Round answers to 2 decimal places. as. 5275.] Lower-of-Cost-or-Market {Per unit basis} X490 X512 X632 X195 'ib'i'b'lb'i'b X346 eTextbook and Media eTextbook and Media List of Accounts Show the journal entries Marin, Inc. will need to make in order to write down the ending inventory from cost to market. Assume this is Marin's first year of operations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Cost of Goods sold Method: Loss method: eTextbook and Media List of Accounts