Total Inventory Value | = | $ 8,850 | |
Workings: | |||
Inventory Item | Total cost | Total Market | Lower of Cost or Market |
A | $ 4,500 | $ 4,350 | $ 4,350 |
B | $ 2,800 | $ 3,000 | $ 2,800 |
C | $ 1,700 | $ 1,750 | $ 1,700 |
Total Inventory Value | $ 8,850 | ||
per Unit Jake Stone Company evaluated its inventory using the Lower of Cost or Market method....
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