Calculate the lower of cost or market for the inventory

Reference no: EM131105310

A physical inventory of Helmke Company taken at December 31 reveals the following.

		Per Unit
Item	Units	Cost	Market
Audio equipment
Receivers	340	$ 95	103
CD players	255	116	105
MP3 players	321	91	100
Speakers	199	57	46
Video equipment
Handheld LCDs	475	155	130
VCRs	286	98	89
Camcorders	207	315	327
Car audio equipment
Satellite radios	180	75	89
CD/MP3 radios	165	102	110

Required:

1. Calculate the lower of cost or market for the inventory applied separately to each item.

Reference no: EM131105310

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