As part of its year end adjusting process, Jasper Industries has compared the $802,400 original cost of its inventory to the current replacement cost of $797,980 and determined that it must make a lower-of-cost-or-market adjustment. The journal entry for this adjustment should be:

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The Answer of As part of its year end adjusting process, Jasper Industries has compared the $802,400 original cost of its inventory to the current replacement cost of $797,980 and determined that it must make a lower-of-cost-or-market adjustment. The journal entry for this adjustment should be:

As Part of Its Year End Adjusting Process, Jasper Industries