Question
In: Accounting
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 |
Unit |
Unit |
|
| 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 2 years agoRelated Solutions
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
42
$179
$174
CA22
46
89
89
LA98
30
276
295
SC16
11
116
134
UT28
21
213
222
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...
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Lower-of-Cost-or-Market Inventory
On the basis of the following data:
Product
Inventory
Quantity
Cost per
Unit
Market Value per Unit
(Net Realizable Value)
Model A
13
$198
$223
Model B
42
63
56
Model C
36
126
144
Model D
13
241
237
Model E
33
144
152
Determine the value of the inventory at the lower of cost or
market. Assemble the data in the form illustrated in Exhibit 9.
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Lower-of-Cost-or-Market Inventory
On the basis of the following data:
Product
Inventory
Quantity
Cost per
Unit
Market Value per Unit
(Net Realizable Value)
Model A
12
$106
$102
Model B
45
84
70
Model C
36
254
243
Model D
31
85
88
Model E
41
132
148
Determine the value of the inventory at the lower of cost or
market. Assemble the data in the form illustrated in Exhibit 9.
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the Lower of Cost or Market
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Total...
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Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
form illustrated in Exhibit 10.
Product
Inventory
Quantity
Cost Per
Unit
Market Value per Unit
(Net Realizable Value)
Class 1:
Model A
19
$299
$295
Model B
23
78
86
Model C
44
237
241
Class 2:
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9
78
83
Model E
9
244
228
a. Determine the value of the...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
form illustrated in Exhibit 10.
Product
Inventory
Quantity
Cost Per
Unit
Market Value per Unit
(Net Realizable Value)
Class 1:
Model A
10
$164
$144
Model B
20
253
269
Model C
47
48
33
Class 2:
Model D
26
48
37
Model E
35
49
37
a. Determine the value of the...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
form illustrated in Exhibit 10.
Product
Inventory
Quantity
Cost Per
Unit
Market Value per Unit
(Net Realizable Value)
Class 1:
Model A
300
$140
$125
Model B
500
90
112
Model C
150
60
59
Class 2:
Model D
800
120
115
Model E
400
140
145
a. Determine the value of the...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
form illustrated in Exhibit 10.
Product
Inventory
Quantity
Cost Per
Unit
Market Value per Unit
(Net Realizable Value)
Class 1:
Model A
32
$256
$251
Model B
8
94
79
Model C
18
178
194
Class 2:
Model D
23
247
263
Model E
34
98
77
a. Determine the value of the...
1. Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory...
1. Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
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Item
Inventory
Quantity
Cost per
Unit
Market Value per Unit
(Net Realizable Value)
Birch
43
$244
$231
Cypress
15
68
58
Mountain Ash
37
230
245
Spruce
49
151
170
Willow
43
113
111
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Required Determine the value of ending inventory after applying the
lower-of-cost-or-market method to each item of inventory.
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