## Answers

**Solution 1:**

Computation of carrying value of inventory at December 31, 2021 | ||||||

Product | Total Cost | Replacement cost (a) | NRV (b) | NRV-NP [NRV- Cost*35%] (c ) | Market (Middle Value of a,b,c) | Inventory value (Lower of Cost or Market) |

101 | 146000 | 133400 | 121200 | 70100 | 121200 | 121200 |

102 | 108600 | 102500 | 132700 | 94690 | 102500 | 102500 |

103 | 72300 | 48200 | 60800 | 35495 | 48200 | 48200 |

104 | 36700 | 34300 | 61500 | 48655 | 48655 | 36700 |

Totals | 363600 | 308600 |

**Solution 2:**

Transaction | General Journal | Debit | Credit |

1 | Cost of goods sold (363600- 308600) | 55000 | |

Inventory | 55000 |

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