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Basic inventory data for April 30 are presented below for a business that employs the lower of cost or market basis of inventory valuation. Commodity
Basic inventory data for April 30 are presented below for a business that employs the lower of cost or market basis of inventory valuation.
| Commodity | Quantity | Unit Cost Price | Unit Market Price | Total | |
|---|---|---|---|---|---|
| Cost | Lower of C or M | ||||
| A | 30 | $46 | $49 | _ | __ |
| B | 15 | 165 | 161 | _ | __ |
| C | 25 | 80 | 87 | _ | __ |
| D | 30 | 55 | 50 | _ | __ |
(a) Complete the table.
(b) Determine the amount of reduction in the inventory at April 30 attributable to market decline.
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
