Valing inventory at Lower of Cost or Market Management of Tarry Company takes the position that under the lower of cost armorlatrulethe two items below are reported in ending inventory at 18.00 motah. Wory i pored UO . de 6 in inventory.com is 122 eachireplacement costs 56 eachesimated sale prices 3 each estimated distribution cost is each and normal profit 10% of we . Hede diopers: 240 in inventory cost is $50 each replacements is 156 esch, estimated sale price is 190ch somated dirbution Cotis 128 adh, and normation of price * Comote your inventory www.ation by nem and in total for the Tarry Company inventory reported above. w for en bon orders b. Prepare the entry if any, to report inventory at the lower of cost or market Assume that all adjustments really impact cost of goods sold and inventory Account Name G Net Afective Inventory Awate duce try to wat een try to Marat Accounts Payable Bonus Pub Estimated Liability on Purchase Comment Betained Retained Gaming --Pror Perde Cast of Goods Sold Commonsi Hong Lesson to purchase com NA Valuing Inventory at Lower-of-Cost-or-Market Management of Tarry Company takes the position that under the lower-of-cost-or market rule, the two koms below are reported in ending inventory at $19,920 total, Inventory cost is reported using LIFO Edgers: 360 in Inventory, cost is $22 each replacement cost is $16 each estimated sale price is $36) each estimated distribution cost is $3 each and normal profit is 10% of sale price Hedge clippers: 240 in inventory cost is $50 each, replacement cost $36 each estimated sale price is $90 each estimated distribution cost is 528 each and normal profitis 20% of sale price. a. Compute your inventory valuation by item and in total for the Tory Company inventory reported to Inventory wilation for edgers 3 0 Inventory valuation for hediye dippers Total inventory lation b. Prepare the entry, if any, to report inventory at the lower of cost or market assume that adjustments inctly impact cost of goods sold and inventory Account Name Dr. OF o Next Accounts Receivable Inventory Nowe to Reduce Inventory to Net Realable Vue Aloncato Reduce Inventory to Market value Account Payable Bonus Payable Estimated by on Purchase Comment Retained ning wand Cast of Good Sold Comentin pense Holding Lowoninary Estilo on Purchase Comment