The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Apple Corporation:

		Per Unit
Inventory Classification	Quantity	Cost	NRV
Keyboards
Stock A	12	$47	$40
Stock B	20	38	35
Stock C	18	50	55

1. Determine the valuation of the above inventory at cost and at lower of cost or NRV, assuming application of lower-of-cost-or NRV valuation by individual items. (2 marks)

Inventory at cost:_____________________________________________

Inventory at Lower of Cost or NRV:____________________________

2. Give the entry to record the writedown, if any, to reduce ending inventory to lower of cost or NRV. Assume periodic inventory and the allowance method. (3 marks)

	Debit	Credit