Question
Determining Lower of Cost or Market The following data refer to Froning Companys ending inventory. Item Code Quantity Unit Cost Unit Market LXC 500 $45
Determining Lower of Cost or Market
The following data refer to Froning Companys ending inventory.
| Item Code | Quantity | Unit Cost | Unit Market |
|---|---|---|---|
| LXC | 500 | $45 | $48 |
| KWT | 210 | 38 | 34 |
| MOR | 300 | 22 | 20 |
| NES | 200 | 27 | 32 |
Determine the ending inventory amount by applying the lower of cost or market rule to: (a) each item of inventory $Answer (b) the total inventory. $Answer
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Management And Cost Accounting
Authors: Colin Drury
9th Edition
1408093936, 978-1408093931
