Q 9.3: What is the amount to be used for purposes of inventory valuation when a unit of inventory has declined in value below original cost and the market value is less than the net realizable value less a normal profit margin?

Use the following account numbers and corresponding account titles to answer the following question. account no. account title (1) cash (2) merchandise inventory (3) cost of goods sold (4) transportation-out (5) dividends (6) common stock (7) selling expense (8) loss on the sale of land (9) sales which accounts would appear on the income statement?