S6-8 Applying the lower-of-cost-or-market rule Learning Objective 4 Assume that a Nixon BBQ Burger restaurant has the following perpetual inventory record for hamburger patties: At July 31 , the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $405. Make any adjusting entry needed to apply the lower-ofcost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on July 31? S6-10 Computing the rate of inventory turnover and days' sales in inventory Learning Objective 6 Kota Pelangi Enterprise reported the following figures in its annual financial statements: Calculate the rate of inventory turnover and days' sales in inventory for Kota Pelangi Entreprise for the year. S6-8 Applying the lower-of-cost-or-market rule Learning Objective 4 Assume that a Nixon BBQ Burger restaurant has the following perpetual inventory record for hamburger patties: At July 31 , the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $405. Make any adjusting entry needed to apply the lower-ofcost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on July 31? S6-10 Computing the rate of inventory turnover and days' sales in inventory Learning Objective 6 Kota Pelangi Enterprise reported the following figures in its annual financial statements: Calculate the rate of inventory turnover and days' sales in inventory for Kota Pelangi Entreprise for the year