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 |
Inventory |
Cost per |
Market Value per Unit |
|
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 | $ | $ | $ |
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