Exercise 6-56 Lower of Cost or Market Meredith's Appliance Store has the following data for the items in its inventory a

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Exercise 6 56 Lower Of Cost Or Market Meredith S Appliance Store Has The Following Data For The Items In Its Inventory A 1 (248.18 KiB) Viewed 77 times

Exercise 6-56 Lower of Cost or Market 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 Selling Price per Unit Disposal Costs Window air conditioner 25 $180 $150 $45 Dishwasher 22 225 230 20 Refrigerator 35 420 450 25 Microwave 15 220 190 15 28 180 260 40 Washer (clothing) Dryer (clothing) 18 210 275 50 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. (Inventory adjustment to market value)