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Application of Lower of Cost or Net Realizable Value Rule Taylor Inc. has the following information for six inventory items on June 30 . Required a. Determine the inventory cost to report on the company's balance sheet as of June 30 , assuming that the company applies the lower of cost or net realizable value rule to each inventory item. b. Record the entry to adjust inventory to the lower of cost or net realizable value by adjusting inventory through an allowance account and expense through cost of goods sold