Question

Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost of market. Assemble the data in the form illustrated in Bibit Inventory Item Inventory Quantity Unit Market Value per Unit (Net Realizable Value) $282 212 Birch $297 Cypress 204 Mountain Ash 13 Spruce 39 292 Willow Inventory at the Lower of Cost or Market Total Cost Total Market Total Lower of Cor Inventory Item Birch Cypress Mountain Ash Spruce WO Total

Answer 1

If it is helpful, please rate the answer and if any doubt arises let me know

Inventory Item	Total Cost	Total Market value	Total Lower of C or M
Birch	$    6,534	$    6,204	$    6,204
Cypress	$    7,140	$    7,420	$    7,140
Mountain Ash	$    3,159	$    3,237	$    3,159
Spruce	$ 11,388	$ 12,363	$ 11,388
Willow	$    7,938	$    8,064	$    7,938
Total	$ 36,159	$ 37,288	$ 35,829
Workings:
Inventory Item	Inventory Quantity	Cost per unit	Total Cost	NRV per unit	Total Market value	Total Lower of C or M
	(a)	(i)	(a) X (i)	(ii)	(a) X (ii)
Birch	22	$        297	$    6,534	$        282	$    6,204	$    6,204
Cypress	35	$        204	$    7,140	$        212	$    7,420	$    7,140
Mountain Ash	13	$        243	$    3,159	$        249	$    3,237	$    3,159
Spruce	39	$        292	$ 11,388	$        317	$ 12,363	$ 11,388
Willow	42	$        189	$    7,938	$        192	$    8,064	$    7,938