Chapter 16, Problem 5AT

To determine

To calculate: To calculate value of the following inventory for Iberia with the help of the lower-of-cost-or-market rule.

$\begin{array}{cccccc}& Quantityin& \underset{\_}{unitprice}& \underset{\_}{unitprice}& & \\ Description& SquareFeet& Cost& Market& \begin{array}{l}Valution\\ Basis\end{array}& \text{Amount}\\ \text{Terracotta }12"& 8,400& \$4.55& \$5.10& \_\_\_\_\_& \_\_\_\_\_\\ \text{Super Saltillo }16"& 7,300& 8.75& 8.08& \_\_\_\_\_& \_\_\_\_\_\\ \text{Monocottura10''}& 4,500& 3.11& 2.90& \_\_\_\_\_& \_\_\_\_\_\\ \text{Glazed Ceramic}& 6,200& 4.50& 5.25& \_\_\_\_\_& \_\_\_\_\_\\ \text{Brick Pavers}& 12,700& 3.25& 3.15& \_\_\_\_\_& \_\_\_\_\_\\ & & & & TotalValueofInventory& \_\_\_\_\_\end{array}$