C Question 12 of 14 Current Attempt in Progress Item A B Cheyenne Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. C D E 1,600 Quantity Unit Cost $8.33 1,300 1,900 9.10 6.22 4.22 7:10 Replacement Estimated Selling Completion & Disposal Cost/Unit Price/Unit Cost/Unit $9.32 4 8.77 5.99 4.66 6.99 $11.66 10.43 7.99 6.99 7.44 $1.67 1.00 1.28 0.89 - 18 0.78 Normal Profit Margin/Unit $2.00 1.33 0.67 167 E : 1.11 Greg Forda is an accounting clerk in the accounting department of Cheyenne Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory You are the manager of the department and an accountant.

Current Mitempt in Provress the compary inventary recbedias of Deciember 31,2020 accoureire. Calculate the lower-of-cost-or-market using the individual-item approach. Account Titles and Explanation Cost of Goods sold Method: The Loss method