Azalea Garden Center provides the following information about its inventory: Required a. If Azalea uses the lower-of-cost-or-market

Question:

Azalea Garden Center provides the following information about its inventory:

Required
a. If Azalea uses the lower-of-cost-or-market rule, what should it report as the balance of inventory if
(1) One market value is computed for all inventories
(2) Market value is computed by group
(3) Market value is computed for each inventory type?
b. Prepare any journal entries necessary based on your answers in part (a).