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Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following...

Exercise 5-10 Lower of cost or market LO P2

Martinez Company's ending inventory includes the following items.

Product Units Cost per Unit Market per Unit
Helmets 39 $ 61 $ 57
Bats 32 79 85
Shoes 53 98 102
Uniforms 57 43 43

  
Compute the lower of cost or market for ending inventory applied separately to each product.
  

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Answer #1
Coffee Bean Units Unit Cost Market per unit Lower of Cost or Market value Total value as per Lower of cost or Market value ( Units x Lower of cost or Market value)
Helmets 39 61 57 57                            2,223
Bats 32 79 85 79                            2,528
Shoes 53 98 102 98                            5,194
Uniforms 57 43 43 43                            2,451
Total 141                          12,396

The lower of cost or market for ending inventory applied separately to each product is $12,396.

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