Lower-of-Cost-or-Market Inventory
On the basis of the following data:
Product |
Inventory |
Cost per |
Market Value per Unit |
Model A | 21 | $116 | $119 |
Model B | 29 | 255 | 259 |
Model C | 8 | 65 | 41 |
Model D | 24 | 125 | 105 |
Model E | 23 | 281 | 298 |
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 | $ | $ | $ |
B | |||
C | |||
D | |||
E | |||
Total | $ | $ | $ |
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