Using the lower of cost or market method of valuation

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Reference no: EM131202892

The following information concerns several of the inventory items at DC's. Description Quantity Unit Cost Market Value Department A: Model XP 235 50 $22.90 $21.50 Model XP 376 75 26.75 25.00 Model XP 522 60 20.00 21.00 Department B: Model ZY 114 15 75.00 75.00 Model ZY 232 24 100.00 92.00 Model ZY 183 12 145.00 142.50 Determine the amount of inventory to be reported on the financial statements using the lower of cost or market method of valuation under each of the following options. 1. Lower of cost or market for each item separately 2. Lower of total cost or total market 3. Lower of total cost or total market by department

Reference no: EM131202892

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