Chapter 6 Receivables and Inventories E6-18 Lower-of-cost-or-market inventory 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 9. Inventory Quantity Unit Cost Price Unit Market Price Commodity V LCM: Buffalo 35 $115 $120 Dakota * 67 90 Frontier 8 300 280 30 Midwest 83 40 100 90 Rainbow 94 Total 8 Instructions 9 Answers are entered in the cells with gray backgrounds. 10 Cells with non-gray backgrounds are protected and cannot be edited. 11 A red asterisk (*) will appear in the column to the right of an incorrect answer. 12 13 14 5 Unit Unit 6 Inventory Cost Market 7 Commodity Quantity Price Price Cost 3 Buffalo 35 $115 $120 Dakota 67 90 75 Frontier 8 300 280 Midwest 83 40 30 Rainbow 100 90 94 Total Market LCM