Prak Masters Prepared the Following Analysis of Its Year-End Inventory

Essay

Prak Masters prepared the following analysis of its year-end inventory on June 30th:
$\begin{array}{llll}&&\text { Cost } & \text { Market value }\\\text { Product } & \text { Quantity } & \text { per unit } & \text { per unit } \\\hline\mathrm{A} & 17 & \$ 430 & \$ 499 \\\mathrm{B} & 140 & 325 & 299 \\\mathrm{C} & 38 & 75 & 60\end{array}$ Determine the lower-of-cost-or-market value for each product in Prak Master's inventory and prepare the journal entry needed at year-end to value the inventory at LCM.