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Evaluation of inventory

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At the end of the Year, COVID hits and the market for retail clothing plummets.  Krazy Kids performs an evaluation of their inventory and finds the following 
 
Item and Quantity /  Cost and Unit /  Market Value and Unit
Shoes   100                     $100                       $80
Hats 75                             $50                        $55
Pants 125                         $60                        $50
Shirts 60                          $75                        $45 
 
If the Company applies Lower of Cost or Market (LCM) to Each Item in inventory, what would be the journal entry the company would make at the end of the year to adjust the inventory.  You will need to use the Chart of Accounts from above.  

Reference no: EM133046393

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