Lower of cost or market LO5 A physical inventory of Liverpool Unlimited taken at Dece...

Lower of cost or market LO5

A physical inventory of Liverpool Unlimited taken at December 31 reveals the following.

Required

Calculate the lower of cost or market for the inventory (a) as a whole, (b) by major category, and (c) applied

separately to each item.

Check (b) $280,702; (c) $273,054