Solved: Using the lower of cost or market valuation for ending, Accounting Basics

Using the lower of cost or market valuation for ending

Question - During physical stock take in one of its sports shops, Severino recorded the following:

Product Units Cost per unit Market value per unit

Helmets 35ea. $45 $48

Bats 51ea. $78 $75

Shoes 48pr. $82 $79

Balls 30pks. $40 $41

Uniforms 80ea. $36 $38

Using the lower of cost or market valuation for ending inventory, applied separately for each item of stock, prepare the journal to adjust the inventory balance, if necessary.

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Accounting Basics: Using the lower of cost or market valuation for ending

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Accounting Basics: Using the lower of cost or market valuation for ending

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