Ingram, Inc. gathered the following information for inventory on December 31, 20
ID: 2378791 • Letter: I
Question
Ingram, Inc. gathered the following information for inventory on December 31, 2008. Calculate the value of inventory using lower-of-cost-or-market by completing the following table:
TOTAL
Inventory Item Inventory Quantity Unit Cost Unit Market Value Cost Market Lower of C or M
IG101 100 $30 $28 X X X
KB284 60 $15 $14 X X X
MR276 48 $70 $72 X X X
NI982 15 $40 $41 X X X
PR1086 72 $105 $104 X X X
Explanation / Answer
IG101 100 $30 $28 3000 2800 2800
KB284 60 $15 $14 900 840 840
MR276 48 $70 $72 3360 3456 3360
NI982 15 $40 $41 600 615 600
PR1086 72 $105 $104 7560 7488 7488