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Determine the lower-of-cost-or-market method

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The inventory of 3T Company on December 31, 2014, consists of the following items.

Part No. Quantity Cost per Unit Cost to Replace per Unit
110 620 $125 $139
111 1,000 83 72
112 590 111 106
113 290 236 250
120 420 285 289
121 1600 22 19
122 380 334 327

a Part No. 121 is obsolete and has a realizable value of $0.70 each as scrap.

(a) Determine the inventory as of December 31, 2014, 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: EM131823025

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