Guzman Company carries three inventory items. The following information pertains to the ending inventory: Required a. Determine
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Guzman Company carries three inventory items. The following information pertains to the ending inventory:
Required
a. Determine the ending inventory that will be reported on the balance sheet, assuming that Guzman 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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