Question

Lower-of-Cost-or-Market Inventory

On the basis of the following data:

Product	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
Model A	45	$287	$266
Model B	21	240	217
Model C	19	286	263
Model D	36	257	255
Model E	10	50	36

Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.

Inventory at the Lower of Cost or Market
Product	Total Cost	Total Market	Lower of Total Cost or Total Market
A	$	$	$
B
C
D
E
Total	$	$	$

Answer 1

product	Total cost	total market	lower of total cost or total market
A	12915	11970	11970
B	5040	4557	4557
C	5434	4997	4997
D	9252	9180	9180
E	500	360	360
Total	33141	31064	31064

Please give a thumbs up if it is helpful & let me know if any doubt