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Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of...

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Accounting

Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory? Product Line Cost per Unit Market Value per Unit Quantity Rustic $735 $795 260 Mediterranean 635 675 370 Contemporary 985 720 310

$30,400 $82,150 $36,150 $51,750

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