The following data refer to Issue Company’s ending inventory: Item code Quantity Unit Cost Unit Market Small 100 $56 $59 Medium 420 38 44
The following data refer to Issue Company’s ending inventory: Item code Quantity Unit Cost Unit Market Small 100 $56 $59 Medium 420 38 44
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 26CE: Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its...
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26.
The following data refer to Issue Company’s ending inventory:
Item code |
Quantity |
Unit Cost |
Unit Market |
Small |
100 |
$56 |
$59 |
Medium |
420 |
38 |
44 |
Large |
600 |
44 |
42 |
Extra-Large |
220 |
64 |
67 |
How much is the inventory if the lower of cost or market rule is applied to each item of inventory?
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