Lower-of-Cost-or-Market Method On the basis of the data shown below: Item Inventory Quantity Cost per Unit...

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Lower-of-Cost-or-Market Method On the basis of the data shown below: Item Inventory Quantity Cost per Unit...

Lower-of-Cost-or-Market Method

On the basis of the data shown below:

Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
CK3J	114	$61	$56
O5T4	238	30	35

Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9.

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Answer 1

Answer #1

Determine the value of inventory

Item	Quantity	Unit Cost	Market value	lower of cost or NRV	Ending inventory
CK3J	114	61	56	56	56*114 = 6384
O5T4	238	30	35	30	238*30 = 7140
Total					13524

Value of inventory = 13524

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Answer 2

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