On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form

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On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form

Inventory Unit Cost Unit Market
     Product Quantity Cost Value
Adams 100 $140 $125
Coolidge 375 90 112
McKinley 220 60 59
Garfield 900 120 115
Lincoln 626 140 145

 

Darshita Changed status to publish August 13, 2020
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Answer:

value of inventory =$250,370

Explanation

Cost Market LCM
14000 $ 12,500 $ 12,500
33750 42000 33750
13200 12980 12980
108000 103500 103500
87640 90770 87640
$256,590  $261,750  $250,370
Darshita Changed status to publish August 13, 2020

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