Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory...
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Accounting
Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.
| Inventory Item | Inventory Quantity | Cost per Unit | Market Value per Unit (Net Realizable Value) | |
| Birch | 12 | $253 | $228 | |
| Cypress | 18 | 43 | 48 | |
| Mountain Ash | 12 | 279 | 262 | |
| Spruce | 50 | 275 | 266 | |
| Willow | 29 | 291 | 299 |
| Inventory at the Lower of Cost or Market | |||
| Inventory Item | Total Cost | Total Market | Total Lower of C or M |
| Birch | $ | $ | $ |
| Cypress | |||
| Mountain Ash | |||
| Spruce | |||
| Willow | |||
| Total | $ | $ | $ |
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