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 10. Product Inventory Quantity Cost Per Unit Market Value per Unit (Net Realizable Value) Class 1: Model A 16 $162 $169 Model B 32 190 198 Model C 34 152 148 Class 2: Model D 31 298 309 Model E 42 72 78 Question Content Area a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Cost Market Lower of Cost or Market Model A fill in the blank 1b67cb01c017023_1 $fill in the blank 1b67cb01c017023_2 $fill in the blank 1b67cb01c017023_3 $fill in the blank 1b67cb01c017023_4 $fill in the blank 1b67cb01c017023_5 $fill in the blank 1b67cb01c017023_6 Model B fill in the blank 1b67cb01c017023_7 fill in the blank 1b67cb01c017023_8 fill in the blank 1b67cb01c017023_9 fill in the blank 1b67cb01c017023_10 fill in the blank 1b67cb01c017023_11 fill in the blank 1b67cb01c017023_12 Model C fill in the blank 1b67cb01c017023_13 fill in the blank 1b67cb01c017023_14 fill in the blank 1b67cb01c017023_15 fill in the blank 1b67cb01c017023_16 fill in the blank 1b67cb01c017023_17 fill in the blank 1b67cb01c017023_18 Model D fill in the blank 1b67cb01c017023_19 fill in the blank 1b67cb01c017023_20 fill in the blank 1b67cb01c017023_21 fill in the blank 1b67cb01c017023_22 fill in the blank 1b67cb01c017023_23 fill in the blank 1b67cb01c017023_24 Model E fill in the blank 1b67cb01c017023_25 fill in the blank 1b67cb01c017023_26 fill in the blank 1b67cb01c017023_27 fill in the blank 1b67cb01c017023_28 fill in the blank 1b67cb01c017023_29 fill in the blank 1b67cb01c017023_30 Total blank blank blank $fill in the blank 1b67cb01c017023_31 $fill in the blank 1b67cb01c017023_32 $fill in the blank 1b67cb01c017023_33 Question Content Area b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory. Inventory at theLower of Costor Market

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 10. Product Inventory Quantity Cost Per Unit Market Value per Unit (Net Realizable Value) Class 1: Model A 16 $162 $169 Model B 32 190 198 Model C 34 152 148 Class 2: Model D 31 298 309 Model E 42 72 78 Question Content Area a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Cost Market Lower of Cost or Market Model A fill in the blank 1b67cb01c017023_1 $fill in the blank 1b67cb01c017023_2 $fill in the blank 1b67cb01c017023_3 $fill in the blank 1b67cb01c017023_4 $fill in the blank 1b67cb01c017023_5 $fill in the blank 1b67cb01c017023_6 Model B fill in the blank 1b67cb01c017023_7 fill in the blank 1b67cb01c017023_8 fill in the blank 1b67cb01c017023_9 fill in the blank 1b67cb01c017023_10 fill in the blank 1b67cb01c017023_11 fill in the blank 1b67cb01c017023_12 Model C fill in the blank 1b67cb01c017023_13 fill in the blank 1b67cb01c017023_14 fill in the blank 1b67cb01c017023_15 fill in the blank 1b67cb01c017023_16 fill in the blank 1b67cb01c017023_17 fill in the blank 1b67cb01c017023_18 Model D fill in the blank 1b67cb01c017023_19 fill in the blank 1b67cb01c017023_20 fill in the blank 1b67cb01c017023_21 fill in the blank 1b67cb01c017023_22 fill in the blank 1b67cb01c017023_23 fill in the blank 1b67cb01c017023_24 Model E fill in the blank 1b67cb01c017023_25 fill in the blank 1b67cb01c017023_26 fill in the blank 1b67cb01c017023_27 fill in the blank 1b67cb01c017023_28 fill in the blank 1b67cb01c017023_29 fill in the blank 1b67cb01c017023_30 Total blank blank blank $fill in the blank 1b67cb01c017023_31 $fill in the blank 1b67cb01c017023_32 $fill in the blank 1b67cb01c017023_33 Question Content Area b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory. Inventory at theLower of Costor Market

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 40E: Identify items missing in determining cost of goods sold For (a) through (e), identify the items...

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Question Content Area

a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory.

Inventory at the Lower of Cost or Market

Product	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)	Cost	Market	Lower of Cost or Market
Model A	fill in the blank 1b67cb01c017023_1	$fill in the blank 1b67cb01c017023_2	$fill in the blank 1b67cb01c017023_3	$fill in the blank 1b67cb01c017023_4	$fill in the blank 1b67cb01c017023_5	$fill in the blank 1b67cb01c017023_6
Model B	fill in the blank 1b67cb01c017023_7	fill in the blank 1b67cb01c017023_8	fill in the blank 1b67cb01c017023_9	fill in the blank 1b67cb01c017023_10	fill in the blank 1b67cb01c017023_11	fill in the blank 1b67cb01c017023_12
Model C	fill in the blank 1b67cb01c017023_13	fill in the blank 1b67cb01c017023_14	fill in the blank 1b67cb01c017023_15	fill in the blank 1b67cb01c017023_16	fill in the blank 1b67cb01c017023_17	fill in the blank 1b67cb01c017023_18
Model D	fill in the blank 1b67cb01c017023_19	fill in the blank 1b67cb01c017023_20	fill in the blank 1b67cb01c017023_21	fill in the blank 1b67cb01c017023_22	fill in the blank 1b67cb01c017023_23	fill in the blank 1b67cb01c017023_24
Model E	fill in the blank 1b67cb01c017023_25	fill in the blank 1b67cb01c017023_26	fill in the blank 1b67cb01c017023_27	fill in the blank 1b67cb01c017023_28	fill in the blank 1b67cb01c017023_29	fill in the blank 1b67cb01c017023_30
Total	blank	blank	blank	$fill in the blank 1b67cb01c017023_31	$fill in the blank 1b67cb01c017023_32	$fill in the blank 1b67cb01c017023_33

Question Content Area

b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory.

Inventory at theLower of Costor Market

Class 1:
Model A
Model B
Model C
Subtotal
Class 2:
Model D
Model E
Total
Subtotal
888
38
Product
Model A
Model B
Model C
Model D
LA
LA
000 0000
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c. Determine the value of the inventory at the lower of cost or market applied to total inventory.
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Inventory at the Lower of Cost or Market
Market Value
Inventory Cost
per Unit
Quantity per Unit (Net Realizable Value)
Cost
00000
LA
SA
Market Lower of Cost or Market

Product
Model A
Model B
Model C
Model D
Model E
Total
Market Value
Inventory Cost
per Unit
Quantity per Unit (Net Realizable Value)
Product
Class 1:
Inventory at the Lower of Cost or Market
b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory.
Model A
Model B
Inventory
Quantity
Cost
Cost
per Unit
Inventory at the
Lower of Cost
or Market
Market Value
per Unit
(Net Realizable Value)
Market Lower of Cost or Market
$
Cost
Market
Lower of Cost or Market

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Product	Inventory Quantity	Cost Per Unit	Market Value per Unit (Net Realizable Value)
Class 1:
Model A	16	$162	$169
Model B	32	190	198
Model C	34	152	148
Class 2:
Model D	31	298	309
Model E	42	72	78