Question: Using the following data, determine the value of the inventory at the lower of cost and net realizable value (NRV). Apply lower of cost and

Using the following data, determine the value of the inventory at the lower of cost and net realizable value (NRV). Apply lower of cost and NRV to each inventory item as shown in Exhibit 5.

Record the journal entry to adjust the inventory.

Selling Inventory QuantityCost Price Market Price Costs Unit Unit Item Red Blue 300 310 $ 7 12 s 6 14 500

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