A company reports inventory using the lower-of-cost-or-market method.Below is information related to its year-end inventory: 
Calculate ending inventory under lower-of-cost-or-market and record any necessary adjustment to inventory.
Definitions:
Perfectly Competitive Firm
A firm operating in a market where there are many buyers and sellers, with none being able to influence the market price of the product.
Marginal Cost
The charges incurred from the production of an extra unit of a product or service.
Short-run Profits
Profits earned by a firm when it operates under short-term constraints, where at least one input is fixed.
Average Total Cost
The total cost of production divided by the number of units produced, representing the average cost per unit of output.
Q6: In the first three years of operations,Lindsey
Q25: International accounting standards allow firms to record
Q36: Listed below are four bond terms followed
Q87: Good,Inc.sold inventory for $1,200 that was purchased
Q88: What are the three primary cost flow
Q97: Credits sales are recorded as:<br>A)Debit Cash,credit Unearned
Q128: The three elements of the fraud triangle
Q139: The primary reason for the popularity of
Q141: Under the principle of lower-of-cost-or-market,when a company
Q172: Which of the following statements are correct?