Requirement c. Prepare the journal entry needed to adjust Case Closed inventory to a lower-of-cost-or-market (LCM) basis assuming that LCM is applied to individual items. Case ClosedCase Closed uses the indirect approach to record any adjustments to LCM.

Complete the table below to identify the market value per unit amounts for each product, the total cost amounts, and the total market value amounts. Cost per Market ! O Data Table Group # Smart phone case Nolepad case Total Cost per Unit Total Market Manufacturer General Tech General Tech # of Units Unit Group # Manufacturer CRC#0f Units Sp Disposal NPM Cost General Tech General Tech Pacific Base Pacific Base Subtotal General Tech Smart phone case Notepad case Smart phone case Notepad case 5 00$11 S 650 350 600 1 S 8$5 18 27 10 19 Smart phone case Pacific Base Nolepad case Pacific Base 13 26 18 17 Subtotal Pacific Base Print Done Requirement a. Conduct a lower-ol-cost-or-market test for Case Closed assuming that it uses the individua-Htem approach for LCM computations. (Enter a if no LCM loss adjustment is required Assuming Case Closed uses the individual-item approach for LCM computations, it will record a$ loss adjustment. Requirement b. Conduct a lower-of-cost-or-market test for Case Closed assuming that it uses the group-by-group approach for LCM computations. (Assume the groups are based on the inventory manufacturer. Enter a "O" if no LCM loss adjustment is required.) Assuming Case Closed uses the group-by-group approach for LCM computations, it will record a $