Solved

Using the Lower of Cost or Market, What Should the Total

Question 124

Essay

Using the lower of cost or market, what should the total inventory value be for the following items:
 Item  Quantity  Unit cost price  Unit market price  Total cost price  Total market  price  A 300$15.00$14.50$4,500$4,350 B 200$14.00$15.00$2,800$3,000 C 100$17.00$17.50$1,700$1,750\begin{array} { | l | l | l | l | l | c | } \hline \text { Item } & \text { Quantity } & \text { Unit cost price } & \text { Unit market price } & \text { Total cost price } & \begin{array} { l } \text { Total market } \\\text { price }\end{array} \\\hline \text { A } & 300 & \$ 15.00 & \$ 14.50 & \$ 4,500 & \$ 4,350 \\\hline \text { B } & 200 & \$ 14.00 & \$ 15.00 & \$ 2,800 & \$ 3,000 \\\hline \text { C } & 100 & \$ 17.00 & \$ 17.50 & \$ 1,700 & \$ 1,750 \\\hline\end{array} Apply the lower-of-cost-or-market method to inventory as a whole.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents