Watts Company uses the lower-of-cost-or-market (LCM) basis for its inventory. The following information relates to...
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Accounting
Watts Company uses the lower-of-cost-or-market (LCM) basis for its inventory. The following information relates to its December 31, 2015 inventory. Determine the amount of the ending inventory applying LCM to individual items.
December 31, 2015
Product Units Unit Cost Market
A 200 $19 22
B 250 29 26
C 300 17 18
D 150 30 28
E 180 16 17
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