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Help me with Webster University ACCT 2010 OB Financial Accounting Week 3 Homework

Question - Question 1    At the end of the year, Clausel Jewelers had the following items in inventory:    ItemQuantityUnit CostUnit Market Value  D1 56 $22 $28   D2 32  $47  $45   D3 41  $33  $42   D4 43  $61  $48     Required:  a.Determinetheamountofendinginventoryusingthelower­of­cost­or­marketrule           applied to each individual inventory item.  b.Providethegeneraljournalentrynecessarytowritedowntheinventorybasedon              Requirement a. Assume that Clausel Jewelers uses the perpetual inventory system.  c.Determinetheamountofendinginventory,assumingthatthe          lower­of­cost­or­market rule is applied to the inventory in  ...Read More

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