The Rowe Company has six different categories of inventory. Quantity, cost, and market value information for each inventory category is shown below: 
Required: a) Determine the value of ending inventory after applying the lower-of-cost-or-market rule to each individual category of inventory.b) Determine the value of ending inventory after applying the lower-of-cost-or-market rule to the entire stock of inventory in the aggregate.c) Prepare the journal entry, if required, to adjust inventory for part (a) above.d) Prepare the journal entry, if required, to adjust inventory for part (b) above.
What will be an ideal response?
a) $46,412
b) $47,296
c)
d) No entry is required.
a) and c)
b)
d) No entry is required because total market value is higher than total cost.
Business
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