A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000. Record the journal entry to report merchandise inventory at the correct amount: Journal entry worksheet A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000. Note: Enter debits before credits. Required information Learning Objective 05-P2: Compute the lower of cost or market amount of inventory. Inventory is reported at market cost when market is lower than recorded cost, called the lower of cost or market (LCM) inventory. Lower of Cost or Market Journal Entry
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