Question

Lower-of-Cost-or-Market Inventory

Data on the physical inventory of Ashwood Products Company as of December 31, 2016, follows:

Description	Inventory Quantity			Unit Market Price
B12	38			$ 57
E41	18			180
G19	33			126
L88	18			550
N94	400			7
P24	90			18
R66	8			250
T33	140			20
Z16	15			752

Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows:

	Last Purchases Invoice							Next-to-the-Last Purchases Invoice
Description	Quantity Purchased			Unit Cost				Quantity Purchased			Unit Cost
B12	30			$ 60				30			$ 59
E41	35			178				20			180
G19	20			128				25			129
L88	10			563				10			560
N94	500			8				500			7
P24	80			22				50			21
R66	5			248				4			260
T33	100			21				100			19
Z16	10			750				9			745

Required:

Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows:

Insert the quantity and unit cost of the last purchase.

On the following line, insert the quantity and unit cost of the next-to-the-last purchase.

Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column.

The first item on the inventory sheet has been completed as an example.

Inventory Sheet December 31, 2016
Description	Inventory Quantity		Unit Cost Price	Unit Market Price
					Total Cost	Total Market	Total Lower of C or M
B12	38	30	$60	$57	$1,800	$1,710
		8	59	57	472	456
					2,272	2,166	$2,166
E41	18
G19	33	?
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L88	18
N94	400
P24	90
R66	8
T33	140
Z16	15
Total					$	$	$

Answer 1

Hi

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