Pint item Lower-of-Cost-or-Market Inventory On the basis of the following data,
ID: 2343051 • Letter: P
Question
Pint item 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 Inventory Quantity Cost per Unit $130 48 198 156 133 Market Value per Unit (Net Realizable Value) $107 65 183 149 14B Item Cypress Mountain Ash Spruce 42 18 14 Inventory at the Lower of Cost or Market Commodity Total Cost Total Market Total Lower of C or M Birch Mountain Ash Spruce TotalExplanation / Answer
Inventory at the lower of cost or market Comodity total cost total market total lower of C or M Birch 4290 3531 3531 Cypress 2016 2730 2016 Mountain ash 1584 1464 1464 spruce 2808 2682 2682 willow 1862 2072 1862 total 12560 12479 11555 Calculation of total cost commodity inventory qty (1) cost per unit (2) total cost(1*2) Birch 33 130 4290 Cypress 42 48 2016 Mountain ash 8 198 1584 spruce 18 156 2808 willow 14 133 1862 Calculation of total market cost commodity inventory qty (1) market value per unit(2) total cost(1*2) Birch 33 107 3531 Cypress 42 65 2730 Mountain ash 8 183 1464 spruce 18 149 2682 willow 14 148 2072