A B C E F G EXHIBIT 9 Determining Inventory at Lower of Cost or...
90.2K
Verified Solution
Link Copied!
Question
Accounting
A B C E F G EXHIBIT 9 Determining Inventory at Lower of Cost or Market (LCM) Item Echo 5 Foxtrot 6 Sierra 7 Tango 8 Total Inventory Cost per Quantity Unit 400 $10.25 120 22.50 600 8.00 280 14.00 D Market Value per Unit (Net Realizable Value) $ 9.50 24.10 7.75 14.75 Cost $ 4.100 2.700 4.800 3.920 $15.520 Total Market $ 3.800 2.892 4.650 4.130 $15.472 LCM $ 3.800 2.700 4.650 3.920 $15.070 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 $83 $108 Cypress 150 167 Mountain Ash 125 128 Spruce 280 302 Willow 190 199 Inventory at the Lower of Cost or Market Total Cost Total Market Total Lower of C or M Inventory Item Birch Cypress Mountain Ash Spruce Willow Total
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
