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Valuing Inventory at Lower of Cost or Market

Management of Tarry Company reports the following inventory using LIFO and applies the lower of cost or market rule.

Edgers: $1,680$ units in inventory; cost is $$22$ each; replacement cost is $$16$ each; estimated sale price is $$30$ each; estimated distribution cost is $$3$ each; and normal profit is $10\%$ of sale price.

Clippers: $1,120$ units in inventory; cost is $$50$ each; replacement cost is $$36$ each; estimated sale price is $$90$ each; estimated distribution cost is $$28$ each; and normal profit is $20\%$ of sale price.

Required

a$.$ Determine the inventory cost to report on the balance sheet assuming that the company applies the lower of cost or market rule to each inventory item.

b$.$ Prepare the journal entry to apply the lower of cost or market rule to inventory assuming that the company adjusts inventory directly and adjusts equity through cost of goods sold.

$\backslash$table$[[$Account Name$],[$b$.,,0,0],[,,0,0],[,$To applythe lower of cost or market rule to inventory.,,$]]$