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 49 $170 $165 Cypress 25 172 153 Mountain Ash 38 178 169 Spruce 19 250 241 Willow 39 242 219 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 $ $ $
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 49 $170 $165 Cypress 25 172 153 Mountain Ash 38 178 169 Spruce 19 250 241 Willow 39 242 219 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 $ $ $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13E: Retail Inventory Method The following information relates to the retail inventory method used by...
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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 | 49 | $170 | $165 | |
Cypress | 25 | 172 | 153 | |
Mountain Ash | 38 | 178 | 169 | |
Spruce | 19 | 250 | 241 | |
Willow | 39 | 242 | 219 |
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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