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May 31. The unadjusted balance of Inventory was determined to be $119,000. A count performed...

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Accounting

May 31. The unadjusted balance of Inventory was determined to be $119,000. A count performed indicated that inventory on hand was $115,000. Record the adjustment to inventory for the difference in count. 15. May 31. The lower of cost of market is used by the company in recording ending inventory. At May 31, inventory is $115,000 based on a cost-flow assumption and after adjustments to reconcile the inventory on hand to the cost. However, $20,000 of the inventory on hand is related to an outdated product where sales are very slow. Management has advised us to write down the sales price of the item; cumulatively all the related items are deemed to be worth $14,000. Record the lower of cost or market adjustment to inventory.

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