Calculate ending inventory under lower-of-cost-or-market

Reference no: EM131520919

Question: Home Furnishings reports inventory using the lower-of-cost-or-market method. Below is information related to its year-end inventory

Required: 1. Calculate ending inventory under lower-of-cost-or-market.

2. Record any necessary adjustment to inventory.

3. Explain the impact of the adjustment in the financial statements.

Reference no: EM131520919

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