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finance
Nutritional Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing its financial statements for the year ended March 3 1, 2017, Nutritional's preliminary income statement, before the year-end adjustments, appears as follows: $$ \begin{array}{lcr} &\textbf{NUTRITIONAL FOODS}\\ &\text{Income Statement (Partial)}\\ &\text{Year Ended March 31, 2017}\\ \text{Merchandise Investory, ending}&& \$ 117,000 \\ \text{Cost of Goods Sold }& &\underline{ 70,000} \\ \text{Sales Revenue} &&\underline{\underline{\$72,000}} \\ \end{array} $$ Nutritional has determined that the current replacement cost of ending merchandise inventory is $17,000. Cost is$20,000. Requirements 1. Journalize the adjusting entry for merchandise inventory, if any is required. 2. Prepare a revised partial income statement to show how Nutritional Foods should report sales, cost of goods sold, and gross profit.
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