Homework Answers
Answer : $ 84,300
Alternate Answer : $ 84,500
Solution:
Inventory Value using Lower of cost or market value applied on individual item take the lower value by comparing the cost and market value for each product individually.
Inventory Value using Lower of cost or market value applied on Group takes the lower value by comparing the total of cost and market value for each product
please choose the suitable answer accordingly
|
Cost |
Market Value |
Inventory Value using Lower of cost or market (net-Realizable) value applied on individual item |
Inventory Value using Lower of cost or market (net-Realizable) value applied on Group |
|
|
LawnMovers |
||||
|
Self Propelled |
$ 16,800.00 |
$ 17,000.00 |
$ 16,800.00 |
|
|
Push Type |
$ 19,500.00 |
$ 18,000.00 |
$ 18,000.00 |
|
|
Total |
$ 36,300.00 |
$ 35,000.00 |
$ 34,800.00 |
$ 35,000.00 |
|
SnowBlower |
||||
|
Mannual |
$ 29,800.00 |
$ 30,000.00 |
$ 29,800.00 |
|
|
SelfStart |
$ 19,700.00 |
$ 21,000.00 |
$ 19,700.00 |
|
|
Total |
$ 49,500.00 |
$ 51,000.00 |
$ 49,500.00 |
$ 49,500.00 |
|
Total Inventory |
$ 85,800.00 |
$ 86,000.00 |
$ 84,300.00 |
$ 84,500.00 |
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