On the basis of the following data: Commodity Inventory Quantity Unit Cost Price Unit Market Price...

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On the basis of the following data: Commodity Inventory Quantity Unit Cost Price Unit Market Price...

On the basis of the following data:

Commodity	Inventory Quantity	Unit Cost Price	Unit Market Price
AL65	17	$116	$138
CA22	41	104	101
LA98	9	84	63
SC16	19	241	217
UT28	9	233	211

Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10.


Inventory at the Lower of Cost or Market

Commodity	Total Cost	Total Market	Total Lower of C or M
AL65	$	$	$
CA22
LA98
SC16
UT28
Total	$	$	$

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Answer 1

Answer #1


Inventory at the Lower of Cost or Market

Commodity	Total Cost	Total Market	Total Lower of C or M
AL65	$1,972	$2,346	$1,972
CA22	$4,264	$4,141	$4,141
LA98	$756	$567	$567
SC16	$4,579	$4,123	$4,123
UT28	$2,097	$1,899	$1,899
Total	$13,668	$13,076	$12,702

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Answer 2

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