Using the lower of cost or market, what should the total inventory value be for the following items: Inventory Cost Market Value Total Cost Total Market Lower of Cost or Item Quantity per Unit per Unit Price Price Market 195 $8 $10 $1,560 $1,950 %$4 83 $14 $10 $1,162 $830 C 38 $21 $23 $798 $874 $4

Using the lower of cost or market, what should the total inventory value be for the following items: Inventory Cost Market Value Total Cost Total Market Lower of Cost or Item Quantity per Unit per Unit Price Price Market 195 $8 $10 $1,560 $1,950 %$4 83 $14 $10 $1,162 $830 C 38 $21 $23 $798 $874 $4

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter6: Inventories

Section: Chapter Questions

Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Using the lower of cost or market, what should the total inventory value be for the following items:
Inventory
Cost
Market Value
Total Cost
Total Market
Lower of Cost or
Item
Quantity
per Unit
per Unit
Price
Price
Market
195
$8
$10
$1,560
$1,950
83
$14
$10
$1,162
$830
38
$21
$23
$798
$874
%24
%24
%24

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