Do It! Review 6-3aBlossom Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory of tools are as follows. Cost MarketSmall $ 68,500 $ 64,140Medium 316,900 238,010Large 144,950 166,740Determine the value of the company’s inventory under the lower-of-cost-or-market approach.The total inventory value?

Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method which requires the reporting…

Answered: Do It! Review 6-3a Blossom Company…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 37BE: Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was...

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Do It! Review 6-3a

Blossom Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory of tools are as follows.

	Cost	Market
Small	$ 68,500	$ 64,140
Medium	316,900	238,010
Large	144,950	166,740

Determine the value of the company’s inventory under the lower-of-cost-or-market approach.

The total inventory value?

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