The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Units Cost per Unit Net Realizable Value RSK-89013 510 $38 $44 LKW-91247 329 49 45 462 25 33 QEC-57429 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by- 43,455 X Feedback Check My Work 1. Compare actual cost of inventory to its market value. The lower amount is the value of inventory. If market value is lower, the inves 2. Prepare the journal entry required to value the inventory at lower of cost or market. Cost of Goods Sold 1,316 Inventory 1,316 (Inventory adjustment to market value) Check My Work 2. Compare actual cost of inventory to its market value. The lower amount is the value of inventory. If market value is lower, the inventor Check My Work Omore Check My Work uses remaining, All work saved Email Instructor Diu F4 F5 F6 +7 # %