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Required: 1 . Calculate ending inventory using the lower of cost and net realizable value. 2 . Record any necessary adjustment to inventory. 3 .

Required:

1 .

Calculate ending inventory using the lower of cost and net realizable value.

2 .

Record any necessary adjustment to inventory.

3 .

Determine the impact of the adjustment in the financial statements.

(

Balance Sheet&Income statement

)

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