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On December 29, the FDA announced that these vitamins from Vita-Rite Vitamin Co. caused heart palpitations in users age 40-55.

On December 29, the FDA announced that these vitamins from Vita-Rite Vitamin Co. caused heart palpitations in users age 40-55. As a result of this announcement, the net realizable value of the product dropped 20%. Using the lower of cost or market, show the value of the company's ending inventory. What is the range between the three costing methods? What is the journal entry to record this event? And how is it handled in the financial statements? USING THESE NUMBERS FIFO = 81545 LIFO = 80640 AVERAGE COST METHOD= 81163

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