At year end,CurlZ,Inc.'s inventory consists of 200 bottles of CleanZ at $1 per bottle and 100 boxes of DyeZ at $10 per box.Market values are $1.20 per bottle for CleanZ and $8 per box for DyeZ.CurlZ should report its inventory at:
A)$1,000.
B)$1,200.
C)$1,040.
D)$1,240.

Question

Quizplus · Accepted Answer

Total lower of cost or market = Lower of cost or market per unit × Number of units in inventory
= ($1 × 200 units)+ ($8 × 100 units)= $1,000

At Year End,CurlZ,Inc