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29) It is the end of the year and Jackson Company is applying the lower-of-cost-or-market (LCM) rule to inventory. The company uses the perpetual inventory system and LIFO. Katerinos has provided the following information before any year-end adjustments:: ignore net realizable value. Required: 1. Prepare the required journal entry at year-end following U.S. GAAP. 2. What is the adjusted amount of cost of goods sold