Question: It is time to prepare financial statements. We must determine value the inventory at...
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Accounting
Question: It is time to prepare financial statements. We must determine value the inventory at cost or market value.
| Product | Units On hand | Per Unit Cost | Market | Total Cost | Total Market | LCM by product |
|---|---|---|---|---|---|---|
| part A | 50 | $5 | $4.50 | |||
| part B | 75 | $6 | $6.50 | |||
| part C | 160 | $3 | $2.50 |
Specify the lower of cost or market, applied separately to each product. Report in dollars and cents.
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