Question
A company reported the following data related to its ending inventory Total market Total cost market Per unit cost Units on hand Product 1,100 1,000
A company reported the following data related to its ending inventory
| Total market | Total cost | market | Per unit cost | Units on hand | Product |
| 1,100 | 1,000 | 11 | 10 | 100 | A |
| 1,050 | 1.200 | 14 | 16 | 75 | B |
| 780 | 840 | 13 | 14 | 60 | C |
| 800 | 640 | 20 | 16 | 40 | D |
| SR 3,730 | SR 3,680 |
|
|
|
|
Calculate the lower-of-cost-or-market on the:
(a) Inventory as a whole
(b) inventory applied separately to each product
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Loose Leaf For Financial Accounting Fundamentals
Authors: John Wild, Ken Shaw, Barbara Chiappetta
6th Edition
1260151980, 978-1260151985
