Re Company prepared the following analysis of its year-end inventory at June 30th: Determine the lower of cost or market value for each product in Re Company's inventory and prepare the journal entry needed at year-end to value the inventory at LCM.

Question

Re Company prepared the following analysis of its year-end inventory at June 30th:  Determine the lower of cost or market value for each product in Re Company's inventory and prepare the journal entry needed at year-end to value the inventory at LCM.

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The Answer of Re Company prepared the following analysis of its year-end inventory at June 30th:  Determine the lower of cost or market value for each product in Re Company's inventory and prepare the journal entry needed at year-end to value the inventory at LCM.

Re Company Prepared the Following Analysis of Its Year-End Inventory