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Determine the inventory as of december

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Reference no: EM131915342

Exercise - The inventory of Oheto Company on December 31, 2013, consists of the following items.

Part No.

Quantity

Cost per Unit

Cost to Replace per Unit

110

650

$100

$105

111

1,050

63

55

112

560

84

80

113

230

179

189

120

400

215

218

121a

1,610

17

15

122

390

252

247

aPart No. 121 is obsolete and has a realizable value of $0.5 each as scrap.

(a) Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item.

(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.

Reference no: EM131915342

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