Vaughn Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....

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Vaughn Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Est

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Answer 1

Answer #1

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LCM Reported Inventory (5) Cost per Cost to Estimated cost of Completion Normal Market Market Market Item No. Quantity | unit

The amount of Vaughn Company's inventory $49,206

The formula to calculate column (10) above is as below:-

If, Replacement cost < Market floor < Market ceiling, Market value will be 'Market floor'

If, Market floor < Replacement cost < Market ceiling, Market value will be 'Replacement Cost'

If, Market floor < Market ceiling < Replacement cost, Market value will be 'Market Ceiling'

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Answer 2

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Vaughn Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....

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Vaughn Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....

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