Calculate the Lower of Cost or Market using the table below for Samson Goods, Inc springs inventory (1) Complete the table Part Cost Replacement Cost Net Realizable Value Normal Profit NRV less Normal Profit LCM SP17G $181,000 $ 152,000 $151,000 $15,000 SP23X 254,000 249,800 262,500 27,800 SP78A 210,000 214,000 206,000 19,200 Total (2) Prepare the journal entry to record the Allowance to Reduce Inventory to Market using the Loss Method

Question: Calculate the Lower-of-Cost-or-Market using the table below for Samson Goods, Inc. springs inventory. (1) Complete the table. Part # Cost Replacement Cost Net Realizable Value

Calculate the Lower-of-Cost-or-Market using the table below for Samson Goods, Inc. springs inventory.

(1) Complete the table.

Part #	Cost	Replacement Cost	Net Realizable Value	Normal Profit	NRV less Normal Profit	LCM
SP17G	$181,000	$ 152,000	$151,000	$15,000
SP23X	254,000	249,800	262,500	27,800
SP78A	210,000	214,000	206,000	19,200
Total

(2) Prepare the journal entry to record the Allowance to Reduce Inventory to Market using the "Loss Method".

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