1 answer

Lower-of-Cost-or-Market Method On the basis of the data shown below: Item Inventory Quantity Cost per Unit...

Question:

Lower-of-Cost-or-Market Method

On the basis of the data shown below:

Item Inventory
Quantity
Cost per
Unit
Market Value per Unit
(Net Realizable Value)
CK3J 114 $61 $56
O5T4 238 30 35

Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9.


Answers

Determine the value of inventory

Item Quantity Unit Cost Market value lower of cost or NRV Ending inventory
CK3J 114 61 56 56 56*114 = 6384
O5T4 238 30 35 30 238*30 = 7140
Total 13524

Value of inventory = 13524

.

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