Question

On the basis of the following data, determine the value of the inventory at the lower...

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.

Inventory
Item

Inventory
Quantity

Cost per
Unit

Market Value per Unit
(Net Realizable Value)
Birch 25 $60 $55
Cypress 29   58   70
Mountain Ash 31   229   208
Spruce 46   103   89
Willow 23   77   84
Inventory at the Lower of Cost or Market
Inventory Item Total Cost Total Market Total LCM
Birch $ $ $
Cypress
Mountain Ash
Spruce
Willow
Total $ $ $
Business   Accounting   
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