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E7-12 Reporting Inventory at Lower of Cost or Market LO7-4 Jones Company is preparing the...

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Accounting

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E7-12 Reporting Inventory at Lower of Cost or Market LO7-4 Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Value (Market) at Year-End S 21 Unit Cost When Acquired Quantity on Hand (FIFO) S 24 49 61 19 79 359 57 34 Required: Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis. Total CM Item Quantity Total Cost Valuatio 19 359 Total

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