InBeat CD Shop assigns a cost to its inventory using the lower-of-cost-ormarket rule. In your working papers,
Question:
InBeat CD Shop assigns a cost to its inventory using the lower-of-cost-ormarket rule. In your working papers, there is a partial inventory record. As an example, the first line of the inventory record has been completed.
Instructions
Complete the inventory record. Do the following:
1. Select the lower-of-cost-or-market value. Enter that amount in the Price to be Used column.
2. Calculate the total cost of each item by multiplying the units in ending inventory by the Price to be Used column.
3. Add the amounts in the Total Cost column to determine the total cost of the ending inventory.
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Step by Step Answer:
INVENTORY RECORD Item No Item Ending Inventory Cost per Unit Current Market Value Price to be Used T...View the full answer
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