Requirement $4.$ Assume that ending inventory declined by $$220.$ What value would the company report as inventory on the balance sheet? Include in your answer why it chose that value. How would it account for this difference?

The company would report ending inventory at $ because the requires inventory to be reported in the financial statements at

Account for this difference by preparing the necessary journal entry. $($Record debits first, then credits. Explanations are not required.$)$

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