Determine the financial statement effects of any adjustment to inventory for the lower of cost...
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Accounting
Determine the financial statement effects of any adjustment to inventory for the lower of cost and net realizable value. Note: Amounts to be deducted should be indicated by a minus sign. Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Common Stock Retained Earnings Inventory Cost of Goods Sold Mitchells Specialties sells highend furniture dressers chairs,sofas, and tables The company has been in business for several years. Based on its experience, management projects next years sales prices of yearend inventory using the trend in monthly sales prices during the current year. Presented below are those trends in sales prices for each of its four types of inventory, as well as next years projected sales price. Also presented are the number of units of ending inventory and the average cost of each of those units. 
Determine the financial statement effects of any adjustment to inventory for the lower of cost and net realizable value.
Note: Amounts to be deducted should be indicated by a minus sign.
Balance Sheet Income Statement
Assets Liabilities Stockholders' Equity Revenues Expenses Net Income
Common Stock Retained Earnings
Inventory Cost of Goods Sold
Mitchells Specialties sells highend furniture dressers chairs,sofas, and tables The company has been in business for several years. Based on its experience, management projects next years sales prices of yearend inventory using the trend in monthly sales prices during the current year. Presented below are those trends in sales prices for each of its four types of inventory, as well as next years projected sales price. Also presented are the number of units of ending inventory and the average cost of each of those units.
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