Data on the physical inventory of Ashwood Products Company as of December $31$ follow:

Description Inventory

Quantity Market Value per Unit

$($Net Realizable Value$)$

B$1238$ $$57$

E$4118180$

G$1933126$

L$8818550$

N$944007$

P$249018$

R$668250$

T$3314020$

Z$1615752$

Quantity and cost data from the last purchases invoice of the year and the next$-$to$-$the$-$last purchases invoice are summarized as follows:

Description Last

Purchases

Invoice

Quantity

Purchased Last

Purchases

Invoice

Unit Cost Next$-$to$-$

the$-$Last

Purchases

Invoice

Quantity

Purchased Next$-$to$-$

the$-$Last

Purchases

Invoice

Unit Cost

B$1230$ $$6030$ $$59$

E$413517820180$

G$192012825129$

L$881056310560$

N$9450085007$

P$2480225021$

R$6652484260$

T$331002110019$

Z$16107509745$

Required:

Determine the inventory at cost and also at the lower of cost or market applied on an item$-$by$-$item basis, using the first$-$in$,$ first$-$out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows:

Insert the quantity and unit cost of the last purchase.

On the following line, insert the quantity and unit cost of the next$-$to$-$the$-$last purchase.

Total the cost and market columns and insert the lower of the two totals in the LCM column.

The first item on the inventory sheet has been completed as an example.