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Determine cost of ending inventory by using lower of cost

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Question - Ross Company had the following inventory at the end of the year:

 

Quantity

Unit Price

Cost

Market

Valves:

 

 

 

Model Q

180

$11

$9

Model R

150

10

12

Model S

120

7

9

Gaskets:

 

 

 

Model Alpha

60

100

105

Model Beta

30

85

90

Model Gamma

90

90

95

Ross Company uses the lower of cost or market method (LCM) to value its inventory.

Required: Determine the cost of ending inventory by using the lower of cost or market method applied to each category of inventory.

Reference no: EM132149715

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