Question: Home Furnishings reports inventory using the lower of cost or market method Below is

Home Furnishings reports inventory using the lower-of-cost-or-market method. Below is information related to its year-end inventory.


Required:
1. Calculate ending inventory under lower-of-cost-or-market.
2. Record any necessary adjustment to inventory.
3. Explain the impact of the adjustment in the financialstatements.
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  • CreatedJuly 15, 2014
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