Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-market (LCM) basis...
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Accounting
Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-market (LCM) basis in valuing inventories:
Product Cost Market LCM
A $210,000 $420,000
B 180,000 176,000
C 125,000 132,000
Total 345,000 358,000
If Alfalfa applies the LCM basis, the value of the inventory reported on the balance sheet would be
| $341,000. | ||
| $545,000. | ||
| $511,000. | ||
| $362,000. |
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