Ripken Company\'s ending inventory includes the following items. QUESTION: How c

Question

Ripken Company's ending inventory includes the following items.

  

QUESTION: How can I compute the lower of cost or market for ending inventory applied seperately to each products?

            PRODUCTS                                LCM applied to products

            HELMETS                                     $

            BATS                                             $

            SHOES                                         $

            UNIFORMS                                  $

  TOTAL INVENTORY @ LCM              $

Ripken Company's ending inventory includes the following items.

Explanation / Answer

Calculate total inventory under LCM method :

Total Inventory @ LCM = $12396

Units Cost Market LCM Helmets 39 2379 2223 2223 Bats 32 2528 2720 2528 Shoes 53 5194 5406 5194 Uniforms 57 2451 2451 2451 Total 12396

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