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Bernie's Bazaar Balloons prepared the following analysis of its balloon inventory on December 31. 1....

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Accounting

Bernie's Bazaar Balloons prepared the following analysis of its balloon inventory on December 31. 1. Using the column at the far right, compute the carrying value of Bernie's ending inventory using the lower of cost or market rule for each product AND then total the value of Bernie's inventory assuming lower of cost or market is applied at December 31. Balloon Shape T-Rex Happy Emoji

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Crescent Moon Redhawk Bulldog Quantity 1000 500 300 100 200 Historical Cost per Unit $10 $7 $5 $13 $17 Replacement Cost per Unit $8 $7 $6 $15 $9 TOTAL LCM Total LCM by Unit 2. Prepare the journal entry needed for Bernie at year-end to value the inventory at lower of cost or market. If no journal entry is needed, write NO ENTRY.

Bernie's Bazaar Balloons prepared the following analysis of its balloon inventory on December 31 . 1. Using the column at the far right, compute the carrying value of Bernie's ending inventory using the lower of cost or market rule for each product AND then total the value of Bernie's inventory assuming lower of cost or market is applied at December 31 . TOTAL LCM 2. Prepare the journal entry needed for Bernie at year-end to value the inventory at lower of cost or market. If no journal entry is needed, write NO ENTRY

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