Lower-of-Cost-or-Market Method
On the basis of the data shown below:
Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value)
CK3J 100 $36 $39
TX24 200 18 16
Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9.
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