Question

Martinez Company's ending inventory includes the following items.

Product	Units	Cost per Unit				Market per Unit
Helmets	31		$	59			$	63
Bats	24			113				81
Shoes	45			104				100
Uniforms	49			45				45

  
Compute the lower of cost or market for ending inventory applied separately to each product.
  

Answer 1

Answer-

MARTINEZ COMPANY
LOWER OF COST OR MARKET VALUATION METHOD
PRODUCTS	UNITS (a)	COST PER UNIT	MARKET PER UNIT	Lower of cost or market value (b)	Inventory Value (c=a*b)	Remark
		$	$	$	$
Helmets	31	59	63	59	1829	Cost
Bats	24	113	81	81	1944	Market
Shoes	45	104	100	100	4500	Market
Uniforms	49	45	45	45	2205	Cost or Market