Chapter 9, Problem 9.8P

1.

To determine

Concept Introduction:

Valuation of inventory: Company report inventory using a lower cost or net realizable value approach. To do this, a comparison of the cost of inventory with net realizable inventory is required. Net realizable value is the expected selling price of inventory in the ordinary course of business.

The schedule computing estimated lower of cost or market in inventory for October 31, 2021.

2.

To determine

Concept Introduction:

Valuation of inventory: Company report inventory using a lower cost or net realizable value approach. To do this comparison of the cost of inventory with net realizable inventory is required. Net realizable value is the expected selling price of inventory in the ordinary course of business.

The factors that result in the difference between computed inventory and physical count.