Question

Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following...

Exercise 5-10 Lower of cost or market LO P2

Martinez Company's ending inventory includes the following items.

Product Units Cost per Unit Market per Unit
Helmets 38 $ 60 $ 56
Bats 31 78 84
Shoes 52 97 101
Uniforms 56 42 42

  
Compute the lower of cost or market for ending inventory applied separately to each product.
  

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Answer #1
Product Cost or Market Price(1) Units(2) Total(1*2)
Helmets Market price $56 38 $2,128
Bats Cost $78 31 $2,418
Shoes Cost $97 52 $5044
Uniforms cost or market(as both are same) $42 56 $2,352
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