Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory...
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Accounting
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
12
$253
$228
Cypress
18
43
48
Mountain Ash
12
279
262
Spruce
50
275
266
Willow
29
291
299
Inventory at the Lower of Cost or Market
Inventory Item
Total Cost
Total Market
Total Lower of C or M
Birch
$
$
$
Cypress
Mountain Ash
Spruce
Willow
Total
$
$
$
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