The controller of Lawn-Man Company is applying the lower of cost and net realizable value of valuing ending inventory. The following information is available: 
Instructions
a. Prepare a schedule which shows the value of the inventory by applying the lower of cost and net realizable value to each item in inventory.
b. Prepare the journal entry to record any inventory write down required.
Definitions:
Rights Offering
An offer to existing shareholders to purchase additional shares at a discount before the shares are offered to the public.
Subscription Price
The cost charged to subscribe to a service or investment, such as a magazine subscription or the price to subscribe to shares in a rights issue.
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