Raleigh Co.has the following products in its ending inventory.Compute the lower of cost or market total for inventory applied separately to each product.
$$\begin{array} { | l | l | l | l | }
\hline \text { Product } & \text { Quantity } & \text { Cost per unit } & \text { Market per unit } \
\hline \text { Jelly } & 150 & \$ 2.00 & 2.15 \
\hline \text { Jam } & 370 & \$ 2.65 & 2.50 \
\hline \text { Marmalade } & 260 & \$ 3.10 & 3.05 \
\hline
\end{array}$$
A) $2,040.50.
B) $2,086.50.
C) $2,018.00.
D) $2,109.00.
E) $2,053.50.

Question

Raleigh Co.has the following products in its ending inventory.Compute the lower of cost or market total for inventory applied separately to each product.
$$\begin{array} { | l | l | l | l | } 
\hline \text { Product } & \text { Quantity } & \text { Cost per unit } & \text { Market per unit } \
\hline \text { Jelly } & 150 & \$ 2.00 & 2.15 \
\hline \text { Jam } & 370 & \$ 2.65 & 2.50 \
\hline \text { Marmalade } & 260 & \$ 3.10 & 3.05 \
\hline
\end{array}$$
A) $2,040.50.
B) $2,086.50.
C) $2,018.00.
D) $2,109.00.
E) $2,053.50.

Quizplus · Accepted Answer

For each product, choose the lower of cost or market per unit, then multiply by quantity: Jelly: 150 x $2.00 = $300.00, Jam: 370 x $2.50 = $925.00, Marmalade: 260 x $3.05 = $793.00. Total = $300.00 + $925.00 + $793.00 = $2,018.00.

Raleigh Co A) $2,04050