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Theta Corporation has three types of inventory items on hand at the end of 2018: Sales Price Historical Cost Selling Costs Units on Hand Product

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Theta Corporation has three types of inventory items on hand at the end of 2018: Sales Price Historical Cost Selling Costs Units on Hand Product A $30 $22 10% 5,000 Product B $50 $40 40% 2,500 Product C $60 $31 30% 3,000 Selling costs are calculated based on a percentage of the product's sales price. 1b. Prepare the journal entry that Theta should make (if any) to adjust its inventory to the lower of cost and NRV on an individual item basis, assuming that Theta considers its inventory write-downs to be special or unusual events

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