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On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market...

On the basis of the following data, 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 10.

Item Inventory Quantity Unit Cost Price Unit Market Price
MX62 116 $31 $26
BJ54 225 16 18

$_____

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Homework Answers

Answer #1

MX 621

Cost price = $31

Market price = $26

Lower of the above = $26

Total quantity = 116

Valuation

= 116*26

= $3,016

BJ 54

Cost price = $16

Market price = $18

Lower of the above = $16

Quantity = 225

Valuation

= 225*16

= $3,600

Total valuation

= $6,616

I have assume the quantity of each inventory as the last three figure as the alignment of the question was not correct. If at all the quantity is different you can multiply the same by the lower value and will get the answer.

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