A company reported the following data related to its ending inventory:
$$\begin{array} { | l | l | c | c | }
\hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \
\hline 849 & 100 & \$ 10 & \$ 11 \
\hline 842 & 75 & 16 & 14 \
\hline 847 & 60 & 14 & 13 \
\hline 860 & 40 & 16 & 20 \
\hline
\end{array}$$
Calculate the lower of cost or-market on both the:
(a)Inventory as a whole.
(b)Inventory applied separately to each product.

Question

A company reported the following data related to its ending inventory:
 $$\begin{array} { | l | l | c | c | } 
\hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \
\hline 849 & 100 & \$ 10 & \$ 11 \
\hline 842 & 75 & 16 & 14 \
\hline 847 & 60 & 14 & 13 \
\hline 860 & 40 & 16 & 20 \
\hline
\end{array}$$ 
Calculate the lower of cost or-market on both the:
(a)Inventory as a whole.
(b)Inventory applied separately to each product.

Quizplus · Accepted Answer

The Answer of A company reported the following data related to its ending inventory:
 $$\begin{array} { | l | l | c | c | } 
\hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \
\hline 849 & 100 & \$ 10 & \$ 11 \
\hline 842 & 75 & 16 & 14 \
\hline 847 & 60 & 14 & 13 \
\hline 860 & 40 & 16 & 20 \
\hline
\end{array}$$ 
Calculate the lower of cost or-market on both the:
(a)Inventory as a whole.
(b)Inventory applied separately to each product.

A Company Reported the Following Data Related to Its Ending