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Lower of Cost or Market Instructions Chart Of Accounts ! First Question ! General Journal Instructions Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period: Item Number of Units Historical Cost per Unit Disposal Costs Selling Price per Unit $145 Window air conditioner $180 225 Dishwasher Refrigerator 230 440 415 Microwave 215 180 185 Washer (clothing) Dryer (clothing) 260 275 215 Required: 1. Compute the carrying value of Meredith's ending inventory using the lower of cost or market rule applied on an item-by-item basis. 2. Prepare the journal entry required to value the inventory at lower of cost or market. First Question Shaded cells have feedback. X 1. Compute the carrying value of Meredith's ending inventory using the lower of cost or market rule applied on an item-by-item basis. Carrying Value $ Points: 0/1 Feedback Check My Work Compare actual cost of inventory to its market value. The lower amount is the value of inventory. If market value is lower, the inventory account is adjusted. PAGE 1 Score: 21/25 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME Dec. 31' Cost of Goods Sold DEBIT 2,447.00 Inventory 2,447.00 Points: 4.2/5 Feedback Check My Work Compare actual cost of inventory to its market value. The lower amount is the value of inventory. If market value is lower, the inventory account is adjusted