Prak Masters Prepared the Following Analysis of Its Year-End Inventory

question 1

Essay

Prak Masters prepared the following analysis of its year-end inventory on June 30th:
$\begin{array}{llll}&&\text { Cost } & \text { Market value }\\\text { Product } & \text { Quantity } & \text { per unit } & \text { per unit } \\\hline\mathrm{A} & 17 & \$ 430 & \$ 499 \\\mathrm{B} & 140 & 325 & 299 \\\mathrm{C} & 38 & 75 & 60\end{array}$ Determine the lower-of-cost-or-market value for each product in Prak Master's inventory and prepare the journal entry needed at year-end to value the inventory at LCM.

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Definitions:

Sensation-Seeking Scores

Measures used to quantify an individual's propensity to seek varied, novel, complex, and intense sensations and experiences.

Jung

Jung, typically referring to Carl Jung, is a Swiss psychiatrist and psychoanalyst who founded analytical psychology, known for concepts like the collective unconscious and archetypes.

Extraversion

A personality trait characterized by outgoingness, high energy, and a preference for social interactions and external stimulation.

Sensation Seeking Scale

A psychological tool used to measure an individual's tendency to seek varied, novel, complex, and intense sensations and experiences.