6 ABC mes a periode inventory tem, and the ending inventory for each year it determined by taking a complete physical inventory at year-end. A physical count was taken on December 31, 2021, and the entry on hand at that time totaled $50,000, wluch reflects historical cost Record the adjusting enter for properly recogumg 2021 Cost of Good Sold Hint. This was the funt yeat of operations 10 beginning rentoe balonce as zero 0 1 2 a 1 5 6 7 8 9 0 1 2 3 4 -5 6 7 AdditionallyABC aiheet to GAAP by weeding tading wwentory at the lower of cost med net neabaalale value t'in total inventory level At of Westory data frether indicated that the content retail salet value of the coding arventory is $45,000 and estimated cost of completion and shipping u 10% of retail Beace to make an additional adtment, if necessay, to propedy value ending inventory ung the Lost and Allowance methodology For Income Statement presentation porposes, be meeto ate the Low Method for accounting for adjustments of entory to market value 7 It would be mad for a compare to live an asset impaumert m Year 1 but for the sake of this example, ABC determmed that their intangible anet mught be impaced on December 31, 2021 Record the impairment adjustment if sur The expected future undiscounted net cash flows for the intangible asset totalt $175.000, and the fais vase of the asset is $165,000