Homework Answers
Solution:
| Computation of Lower of cost or market valuation of company's inventory | |||
| Inventory categories | Cost Data | Market Data | Lower of cost or market |
| Product A | $128,000.00 | $134,000.00 | $128,000.00 |
| Product B | $90,000.00 | $85,000.00 | $85,000.00 |
| Product C | $179,000.00 | $181,000.00 | $179,000.00 |
| Total | $392,000.00 | ||
Hence 3rd option is correct.
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