Lower-of-Cost-or-Market Inventory On the basis of the following data: Commodity Inventory Quantity Unit Cost Price Unit...

Lower-of-Cost-or-Market Inventory

On the basis of the following data:

Commodity	Inventory Quantity	Unit Cost Price	Unit Market Price
AL65	27	$283	$284
CA22	31	185	169
LA98	38	123	125
SC16	10	207	212
UT28	29	80	71

Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10.


Inventory at the Lower of Cost or Market

Commodity	Total Cost	Total Market	Total Lower of C or M
AL65	$	$	$
CA22
LA98
SC16
UT28
Total	$	$	$

Solutions

Expert Solution

All working forms part of the answer

Inventory at the Lower of Cost or Market

Commodity	Total Cost	Total Market	Total Lower of C or M
AL65	$ 7,641.00	$ 7,668.00	$ 7,641.00
CA22	$ 5,735.00	$ 5,239.00	$ 5,239.00
LA98	$ 4,674.00	$ 4,750.00	$ 4,674.00
SC16	$ 2,070.00	$ 2,120.00	$ 2,070.00
UT28	$ 2,320.00	$ 2,059.00	$ 2,059.00
Total	$ 22,440.00	$ 21,836.00	$ 21,683.00

Working for above

Inventory at the Lower of Cost or Market

Commodity	Total Cost	Total Market	Total Lower of C or M
AL65	=27 units x $283	=27 units x $284
CA22	=31 units x $185	=31 units x $169
LA98	=38 units x $123	=38 units x $125
SC16	=10 units x $207	=10 units x $212
UT28	=29 units x $80	=29 units x $71

ekkarill92 answered 1 year ago

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