Required b. Record the entry to adjust inventory to the lower of cost or market by adjusting inventory through an allowance account and expense through cost of goods sold. \begin{tabular}{|r|c|r|r|r|} \hline Date & Account & Dr. & Cr. \\ \hline June 30 & & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & To adjust inventory to market. & & & \\ \hline \end{tabular} Check Application of Lower of Cost or Market Rule Taylor Inc. has the following information for six inventory items, reported using the retail method, on June 30 . The normal profit margin is 30% of selling price