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CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION Not complete Marked out of 1.00 Flag question Lower-of-Cost-or-Market (LCM) Method The following data refer to the Flemming Company's ending inventory: ltem Code Quantity Unit Cost Replacement Cost ABX TYG JIL GGH 80 150 175 90 $52 42 30 46 $57 27 40 Calculate the value of the company's ending inventory by using the lower-of-cost-or- market applied to each item of inventory Ending inventory computed by applying the lower-of-cost-or-market method to each item of inventory iss 0 Check

Explanation / Answer

Lower of cost or market value ABX (80*52)=$4160 TYG (150*42)=$6300 JIL (175*27)=$4725 GGH (90*40)=$3600 TOTAL=$18785.

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