Question
In: Accounting
Lower-of-Cost-or-Market Inventory On the basis of the following data: Product Inventory Quantity Cost per Unit Market...
Lower-of-Cost-or-Market Inventory
On the basis of the following data:
| Product |
Inventory |
Cost per |
Market Value per Unit |
| 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.
| Inventory at the Lower of Cost or Market | |||
| Product | Total Cost | Total Market | Lower of Total Cost or Total Market |
| A | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
| B | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
| C | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 |
| D | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
| E | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 |
| Total | $fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 |
Solutions
Expert Solution
INVENTORY AT THE LOWER OF COST OR MARKET VALUE
|
Product |
Quantity | Cost per unit | Market value per unit | Lower of Cost or Market | Total |
Model A 13 198 223 198 $ 2574
Model B 42 63 56 56 $ 2352
Model C 36 126 144 126 $ 4536
Model D 13 241 237 237 $ 3081
Model E 33 144 152 144 $ 4752
TOTAL $ 17295
ekkarill92 answered 1 year agoRelated Solutions
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inventory at the lower of cost or market. Assemble the data in the
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60
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8
94
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178
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23
247
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