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Lower-of-Cost-or-Market Inventory On the basis of the following data: Commodity Inventory Quantity Unit Cost Price Unit...

Lower-of-Cost-or-Market Inventory

On the basis of the following data:

Commodity

Inventory
Quantity

Unit
Cost Price

Unit
Market Price
AL65 23 $52 $54
CA22 32 134 109
LA98 14 232 235
SC16 47 197 214
UT28 23 182 178

Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10.

Inventory at the Lower of Cost or Market
Commodity Total Cost Total Market Total Lower of C or M
AL65 $ $ $
CA22
LA98
SC16
UT28
Total $ $ $
Business   Accounting   
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Answer #1

Inventory at the Lower of Cost or Market

Commodity

Total Cost

Total Market

Total Lower of C or M

AL65

(23 units * $52)

=$1196

(23 units * $54)

=$1242

$1196

CA22

(32 units * $134)

=$4288

(32 units * $109)

=$3488

$3488

LA98

(14 units * $232)

=$3248

(14 units * $235)

=$3290

$3248

SC16

(47 units * $197)

=$9259

(47 units * $214)

=$10058

$9259

UT28

(23 units * $182)

=$4186

(23 units * $178)

=4094

$4094

Total

$22177

$22172

$21285
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