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On the basis of the following data, determine the value of the inventory at the lower...

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 illustrated in Exhibit 9.

Inventory
Item

Inventory
Quantity

Cost per
Unit

Market Value per Unit
(Net Realizable Value)
Birch 33 $58 $54
Cypress 49 126 110
Mountain Ash 50 106 99
Spruce 18 277 279
Willow 50 299 303

  Inventory at the Lower of Cost or Market

  

Inventory Item Total Cost Total Market Total Lower of C or M
Birch $ $ $
Cypress

  
Mountain Ash
Spruce
Willow
Total
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Answer #1
  • Requirement

Inventory Item

Total Cost

Total Market

Total Lower of C or M

Birch

$1,914

$1,782

$1,782

Cypress

$6,174

$5,390

$5,390

Mountain Ash

$5,300

$4,950

$4,950

Spruce

$4,986

$5,022

$4,986

Willow

$14,950

$15,150

$14,950

Total

$32,058

--Working

Inventory Item

Total Cost

Total Market

Birch

=33 units x $ 58

=33 units x $ 54

Cypress

=49 units x $ 126

=49 units x $ 110

Mountain Ash

=50 units x $ 106

=50 units x $ 99

Spruce

=18 units x $ 277

=18 units x $ 279

Willow

=50 units x $ 299

=50 units x $ 303

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