Homework Answers
Ending Inventory to be reported = $922
Working
The lower of cost or market is applied on each inventory item and not in total.
| Quantity | Total Cost | Market value | Lower of cost or Market | |
| Item 1 | 10 | $ 360.00 | $ 350.00 | $ 350.00 |
| Item 2 | 25 | $ 500.00 | $ 500.00 | $ 500.00 |
| Item 3 | 12 | $ 72.00 | $ 96.00 | $ 72.00 |
| Total | $ 932.00 | $ 946.00 | $ 922.00 | |
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Lower-of-cost-or-market-method
Lower-of-Cost-or-Market Method On the basis of the data shown below: Cost per Unit Market Value per Unit (Net Realizable Value) Item A13Y VZ31 Inventory Quantity 120 245 $59 $55 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.
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending Inventory Includes the following Items. Units Cost per Unit $ 63 Market per Unit $ 59 Product Helmets Bats Shoes Uniforms 113 104 Compute the lower of cost or market for ending Inventory applied separately to each product. Per Unit - Total Inventory Items Cost Market LCM Applied to Items Helmets Bats Shoes Uniforms Units Cost Market 41 s 63597 34 81 113 55 100 104 50 45...
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