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Exercise 6-9 Ivanhoe Company uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31 Cost Market Units per Unit per Unit Cameras $173 132 $147 162 Minolta Canon Light Meters Vivitar Kodak 121 12 10 119 137 113 What amount should be reported on Ivanhoe Companys financial statements, assuming the lower-of-cost-or-market rule is appled Total LINK TO TEXT VIDEO: APPLIED SKİLLS VIDEO: SIMILAR EXERCISE Question Attempts: 0 of 3 used S
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Answer #1
Units cost per unit market price per unit total cost =cost*units total market price = unit*market price Lower of cost or market price
camera
Minolta 5 173 147 865 735 735
canon 7 132 162 924 1134 924
Light meter
vivitar 12 121 119 1452 1428 1428
kodak 10 113 137 1130 1370 1130
value of inventory reported on financial statement 4217
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