Chapter 9, Problem 9.20E

1.

To determine

Methods of Inventory: Inventory refers to the current assets that a company expects to sell during the normal course of business operations, the goods that are under process to be completed for future sale, or currently used for producing goods to be sold in the market. Inventory is valued under three methods:

To Prepare: the journal entry to record the adjustment.

2.

To determine

To describe: the other steps that Company C should take to report the change.