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What would be the journal entry the company would make

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Reference no: EM133072374

Question - 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

Quantity

Cost/Unit

Market Value/Unit

Shoes

100

$100

$80

Hats

75

$50

$55

Pants

125

$60

$50

Shirts

60

$75

$45

Required - 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.

Reference no: EM133072374

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