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< 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. Product Adams Coolidge McKinley Garfield Lincoln Total Feedback Inventory Quantity 45 13 47 23 36 Cost per Unit $206 239 211 289 262 Market Value per Unit (Net Realizable Value) $191 232 200 296 241 $ Cost Total Market $26,980 X $ LCM 24,478 X Check My Work Multiply the number of units by the unit cost price and enter the total cost amount in the Cost column. Multiply the number of units by the unit market price and enter the total market amount in the Market column. Then, enter the lower of the two amounts from the Cost and Market columns in the LCM column. Finally, total the columns. The total of the LCM column shows the total lower-of-cost-or-market applied on an item-by-item basis. ?

< 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. Product Adams Coolidge McKinley Garfield Lincoln Total Feedback Inventory Quantity 45 13 47 23 36 Cost per Unit $206 239 211 289 262 Market Value per Unit (Net Realizable Value) $191 232 200 296 241 $ Cost Total Market $26,980 X $ LCM 24,478 X Check My Work Multiply the number of units by the unit cost price and enter the total cost amount in the Cost column. Multiply the number of units by the unit market price and enter the total market amount in the Market column. Then, enter the lower of the two amounts from the Cost and Market columns in the LCM column. Finally, total the columns. The total of the LCM column shows the total lower-of-cost-or-market applied on an item-by-item basis. ?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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< 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. Product Adams Coolidge McKinley Garfield Lincoln Total Feedback Inventory Quantity Cost per Unit 45 13 47 23 36 $206 239 211 289 262 Market Value per Unit (Net Realizable Value) $191 232 200 296 241 $ Cost Total Market $ 26,980 X $ LCM 24,478 X Check My Work Multiply the number of units by the unit cost price and enter the total cost amount in the Cost column. Multiply the number of units by the unit market price and enter the total market amount in the Market column. Then, enter the lower of the two amounts from the Cost and Market columns in the LCM column. Finally, total the columns. The total of the LCM column shows the total lower-of-cost-or-market applied on an item-by-item basis. ?
Transcribed Image Text:< 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. Product Adams Coolidge McKinley Garfield Lincoln Total Feedback Inventory Quantity Cost per Unit 45 13 47 23 36 $206 239 211 289 262 Market Value per Unit (Net Realizable Value) $191 232 200 296 241 $ Cost Total Market $ 26,980 X $ LCM 24,478 X Check My Work Multiply the number of units by the unit cost price and enter the total cost amount in the Cost column. Multiply the number of units by the unit market price and enter the total market amount in the Market column. Then, enter the lower of the two amounts from the Cost and Market columns in the LCM column. Finally, total the columns. The total of the LCM column shows the total lower-of-cost-or-market applied on an item-by-item basis. ?
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