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Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost...

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Accounting

Exercise 5-10 Lower of cost or market LO P2

Martinez Company's ending inventory includes the followingitems.

ProductUnitsCost per UnitMarket per Unit
Helmets37$59$55
Bats307783
Shoes5196100
Uniforms554141

  
Compute the lower of cost or market for ending inventory appliedseparately to each product.
  

Answer & Explanation Solved by verified expert
3.7 Ratings (497 Votes)

Answer------------$11,496

Working

Inventory value  
Items Cost per unit Market value per unit

Per Unit value

as per Lower of cost

or market value

 Number of units Total Value
Helmets $      59.00 $          55.00 $        55.00 37 $     2,035.00
Bats $      77.00 $          83.00 $        77.00 30 $     2,310.00
Shoes $      96.00 $        100.00 $        96.00 51 $     4,896.00
Uniforms $      41.00 $          41.00 $        41.00 55 $     2,255.00
$                  -  
Total ending inventory $   11,496.00

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