Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Units Cost per Unit $ 56 Product Market per Unit $ 60 78 Helmets 28 Bats 21 84 Shoes 42 101 97 Uniforms 46 42 42 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total LCM Applied Inventory Items Units Cost Market Cost Market to Items Helmets 28 2$ 56 $ 60 Bats 21 84 78 Shoes 42 101 97 Uniforms 46 42 42 2$ 2$
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Units Cost per Unit $ 56 Product Market per Unit $ 60 78 Helmets 28 Bats 21 84 Shoes 42 101 97 Uniforms 46 42 42 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total LCM Applied Inventory Items Units Cost Market Cost Market to Items Helmets 28 2$ 56 $ 60 Bats 21 84 78 Shoes 42 101 97 Uniforms 46 42 42 2$ 2$
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.7EX: FIFO and UFO costs under perpetual inventory system The following units of an item were available...
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