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Prepare the necessary journal entry assuming the decline in

Scheiner Company carries three inventory items. The following information pertains to the ending inventory:

2494_264-B-M-A-I (1850).png

Required:

a. Determine the ending inventory that will be reported on the balance sheet, assuming that Scheiner applies the lower of cost or market rule to individual inventory items.

b. Prepare the necessary journal entry, assuming the decline in value is immaterial.

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