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.

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