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Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of co

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Answer #1

Lower-of-Cost-or-Market Inventory

Inventory at the Lower of Cost or Market
Inventory Item Total Cost Total Market Total Lower of C or M
Birch 3060 2295 2295
Cypress 8844 8019 8019
Mountain Ash 2320 2540 2320
Spruce 7152 6144 6144
Willow 12032 11703 11703
Total $ 33408 30701 30481

Working:

Inventory Item Total Cost Total Market
Birch =45*68 =45*51
Cypress =33*268 =33*243
Mountain Ash =10*232 =10*254
Spruce =48*149 =48*128
Willow =47*256 =47*249

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