Homework Answers
| Ans. | Per unit | Total | |||||
| Item | Quantity (a) | Cost (b) | Market © | Cost (a*b) | Market (a*c) | LCM | |
| Product C | 420 | $6 | $5 | $2,520 | $2,100 | $2,100 | |
| Product D | 370 | $12 | $14 | $4,440 | $5,180 | $4,440 | |
| Total | $6,960 | $7,280 | $6,540 | ||||
| Inventory amount (as a whole) | $6,960 | ||||||
| *Calculations : | |||||||
| Total cost = Quantity * unit cost price | |||||||
| Total market = Quantity * Unit market price | |||||||
| *Lower of cost or market value (LCM) = Lower value between total cost and total market | |||||||
| *Total cost is $6,960 which is less than the total market value (i.e. $7,280) | |||||||
| So, the inventory amount using inventory as a whole will be $6,960. | |||||||
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