Chapter 9, Problem 5P

To determine

Net realizable value: Net realizable value is defined as the amount from the sale of asset after deducting all expenses related to sale.

(a)

To calculate: To calculate the lower-of-cost-or-market using the individual-item approach.

To determine

(b)

To show: To show the journal entry to written down inventory.

To determine

(c)

To write: To write a memo to G.