Please solve for the following below Boulder, Inc. is computing its inventory at...
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Accounting
Please solve for the following below
Boulder, Inc. is computing its inventory at December 31, 2016. The following information relates to the five major inventory items regularly stocked for resale: Ending Inventory at 12/31/16 Item Quantity on Hand Unit Cost (FIFO) 100 150 25 300 700 $40 $50 $100 $60 $15 Net Realizable Value at 12/31/16 $35 $52 $80 $62 $12 Required: 31. Using the lower of cost or market rule (LCM or net realizable value), compute the total valuation for: A. Each inventory item's valuation at December 31, 2016, B. Total inventory valuation at December 31, 2016, and c. Any inventory write-down necessary at December 31, 2016 52. Book the journal entry necessary to write inventory down to LCM at year-end
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