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At the end of the year, Clausel Jewelers had the following items in inventory:
Required:
a. Determine the amount of ending inventory using the lower of cost or market rule applied to each individual inventory item.
b. Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Clausel Jewelers uses the perpetual inventory system.
c. Determine the amount of ending inventory, assuming that the lower of cost or market rule is applied to the inventory in aggregate.
d. Provide the general journal entry necessary to write down the inventory based on Requirement c. Assume that Clausel Jewelers uses the perpetual inventory system.
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