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Using the lower of cost or market, what should the total inventory value be for the following items:

Item Quantity Unit Cost Price Unit Market Price Total Cost Price Total Market Price
A 300 $15.00 $14.50 $4,500 $4,350
B 200 $14.00 $15.00 $2,800 $3,000
C 100 $17.00 $17.50 $1,700 $1,750

Apply the lower-of-cost-or-market method to inventory as a whole.

Respuesta :

anthougo

Answer:

The total inventory value based on the lower-of-cost-or-market value method applied to inventory as a whole is:

= $9,000.

Explanation:

a) Data and Calculations:

Item   Quantity   Unit Cost  Unit Market  Total Cost   Total Market

                               Price           Price            Price              Price

A               300     $15.00        $14.50        $4,500          $4,350

B               200     $14.00        $15.00        $2,800          $3,000

C               100     $17.00         $17.50         $1,700           $1,750

Total cost or market price                        $9,000           $9,100

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