Question

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 45

Answer 1

Calculate following

		Per Unit		Total
Inventory items	Units	Cost	Market	Cost	Market	LCM applied to items
Helmets	41	63	59	2583	2419	2419
Bats	34	81	113	2754	3842	2754
Shoes	55	100	104	5500	5720	5500
Uniforms	59	45	45	2655	2655	2655
				13492	14636	13328