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Question 10 9 pts LCM : LOWER OF COST OR MARKET A Retail Company sells...

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Question 10 9 pts LCM : LOWER OF COST OR MARKET A Retail Company sells various products related to pop culture. Since trends change the market price for items also changes. Review the book cost and market replacement cost for the retail company's inventory items and answer the questions below regarding LCM. Inventory # of units Book unit Market unit Item (Quantity) cost cost Product 1 500 $8 $10 Product 2 200 $7 $5 Product 3 300 $4 $5 Product 4 100 $10 $9 You can assume the adjustment (if any) is relatively small and not related to an unusual or extraordinary circumstance. What is the dollar amount of the adjustment? $ What is the DEBIT account of the journal entry? What is the CREDIT account of the journal entry

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