題組內容

四、Winans Company uses the lower-of-cost-ov-Net realizable value method, on an individual-item basis, in pricing its inventory items. The inventory at December 31 ,2007, included product X, Relevant per-unit data for product X appear below. 
rhere were 4,000 units of product X on hand at December 31,2007, Product X was incorrectly valued al $40 per unil for reporting purposes. Instructions: (20 分）

(b) Assume the above error was found before closing the account by 2008, prepare the correcting entries, (ignore the tax effect)