Compute the valuation that should be used for the ending

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Reference no: EM131962910

Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows:

	ENDING INVENTORY, CURRENT YEAR
Item	Quantity on Hand		Unit Cost When Acquired (FIFO)			Net Realizable Value (Market) at Year-End
A		55		$	20		$	17
B		85			35			45
C		15			53			57
D		75			30			35
E		355			15			10

Required:

Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis.

Reference no: EM131962910

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