Sue Stone. the president of Tippecanoe Home Products. has prepared the following information for the company's television inventory at the end of 2013: Determine the carrying amount of the inventory using lower of con or market applied on an item-By-item basis Prepare the Journal entry required to value the inventory at lower of cost or market. Conceptual Connection What it the impact of applying the lower of cost of market rule on the financial statements of the current period? what is the impact on the financial statement of period in which the inventory it sold? The input in the box below will not be automatically graded. but, be reviewed and considered by your instructor