Lower-of-Cost-or-Market Inventory 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 9. InventoryItem InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Birch 40 $99 $106 Cypress 23 112 124   Mountain Ash 33 202 208 Spruce 18 114 102 Willow 20 146 151     Inventory at the Lower of Cost or Market   Inventory Item Total Cost Total Market Total Lower of C or M Birch $ $ $ Cypress       Mountain Ash       Spruce       Willow       Total $ $ $

Cornerstones of Financial Accounting
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Chapter6: Cost Of Goods Sold And Inventory
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Problem 56E: Lower of Cost or Market Merediths Appliance Store has the following data for the items in its...
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Lower-of-Cost-or-Market Inventory

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 9.

Inventory
Item
Inventory
Quantity
Cost per
Unit
Market Value per Unit
(Net Realizable Value)
Birch 40 $99 $106
Cypress 23 112 124  
Mountain Ash 33 202 208
Spruce 18 114 102
Willow 20 146 151
 
 
Inventory at the Lower of Cost or Market
 
Inventory Item Total Cost Total Market Total Lower of C or M
Birch $ $ $
Cypress      
Mountain Ash      
Spruce      
Willow      
Total $ $ $
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