Based on the data in Exercise 6-11 and assuming that cost was determined by the FIFO method,

Question:

Based on the data in Exercise 6-11 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.

Data from Exercise 6-11:

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 8.

Inventory Quantity 40 50 110 Unit Cost Price Unit Market Price Commodity AL65 CA22 $28 $30 65 5 70 6 40 LA98 SC16 UT28 3