Question: Wright Inc. values each item in its inventory using the lower of cost or market basis. The following data are available at December 31, 2016.

Wright Inc. values each item in its inventory using the lower of cost or market basis. The following data are available at December 31, 2016. Inventory Amount recorded at December 31, 2016 Required: Is the inventory stated at the lower of cost or market? What adjusting entry, if any, would you propose for this situation

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