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Determine the value of the inventory at the lower of cost

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Question - On the basis of the following data, determine the value of the inventory at the lower of cost or market.

Product

Inventory Quantity

Cost Per Unit

Market Value per Unit (Net Realizable Value)

Class 1:

 

 

 

Model A

18

$150

$168

Model B

42

244

250

Model C

43

175

174

Class 2:

 

 

 

Model D

49

42

48

Model E

42

172

182

Required -

a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory.

b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory.

c. Determine the value of the inventory at the lower of cost or market applied to total inventory.

Reference no: EM132477650

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