Question: Given the following inventory information, prepare the journal entry (if needed) to adjust the inventory for LCNRV of the loss method is used. Replacement value

Given the following inventory information, prepare the journal entry (if needed) to adjust the inventory for LCNRV of the loss method is used.

Replacement value $16500, cost $15500, expected selling price $15700, normal profit margin $12%, Selling costs 20% of expected selling price.

Help me please!

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