Homework Answers
Solution 1:
Amount to be reported for Inventory = Lower of cost or market value = Lower of $19300 OR 15440
= $15,440
Solution 2:
| Date | Account title | Debit | Credit |
| Dec. 31 | Cost of goods sold ($19300 - $15440) | 3860 | |
| Inventory | 3860 |
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