RCES 4 BACK NEXT CALCULATOR PRINTER VERSION Estimated Completion & Normal Unit Replacement Selling Item Quantity Disposal Cost Cost/Unit Profit Price/Unit Cost/Unit Margin/Unit A 1,200 $8.70 $9.74 $12.18 $1.74 B 900 $2.09 9.51 9.16 10.90 1.04 1,100 1.39 6.50 6.26 8.35 1.33 D 0.70 1,100 4.41 4.87 7.31 0.93 E 1.74 1,500 7.42 7.31 7.77 0.81 1.16 Greg Forda is an accounting clerk in the accounting department of Splish Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending Inventory. You are the manager of the department and an accountant. Study Calculate the lower-of-cost-or-market using the individual item approach. Lower-of-Cost-or-Market (Per unit basis) Item A $ Item B $ Item $ Item D $ Item E sl Show the journal entry he will need to make in order to write down the ending inventory from cost to market. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter o for the amounts.) Account Titles and Explanation Cost of Goods sold Method: Debit Credit The Loss method: Click if you would like to show Work for this question: Open Show Work