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Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Inventory Item Inventory Quantity Market Value per Unit (Net Realizable Value) B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Last Next-to-the-Last Purchases Invoice Purchases Invoice Unit Inventory Item Quantity Purchased Unit Cost Quantity Purchased Cost B12 30 $ 60 30 $ 59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 745 Required: Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the prici applicable to an item, proceed as follows: 1. Insert the quantity and unit cost of the last purchase. 2. Insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column. The first item on the inventory sheet has been completed as an example. Inventory Sheet December 31 Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Total Cost Total Market Total LCM B12 38 30 $60 $57 $1,800 $1,710 8 59 57 472 456 2,272 2,166 $2,166 E41 18 G19 33 L88 18 N94 400 P24 90 R66 8 T33 140 Z16 15 Total

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