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Johnson, Inc. reports its inventory using the lower-of-cost-or-market (LCM) rule. Data related to its inventory...

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Question

Accounting

    1. Johnson, Inc. reports its inventory using the lower-of-cost-or-market (LCM) rule. Data related to its inventory are as follows:

Cost per

Replacement Value

Item

Quantity

Unit

per Unit

Q

100

$12

$11

R

80

20

23

S

120

15

16

T

250

10

8

Determine the amount at which Johnsons ending inventory should be reported on its balance sheet.

    1. a. $6,500
    2. b. $7,100
    3. c. $6,860
    4. d. $6,800

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