E7-12 Reporting Inventory at Lower of Cost or Market LO7-4 Jones Company preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR , Net Realizable Quantity Unit Cost When Acquired Value (Market) Item on Hand (FIFO) at Year-End A 50 $ 15 S 12 B 80 30 40 C 10 4B 52 D 70 25 30 F 350 10 5 Required: Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis. Item Quantity Total Cost Total Market LCM Valuation A 50 B 80 C 10 70 D E 350 Total E7-12 Reporting Inventory at Lower of Cost or Market LO7-4 Jones Company preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR , Net Realizable Quantity Unit Cost When Acquired Value (Market) Item on Hand (FIFO) at Year-End A 50 $ 15 S 12 B 80 30 40 C 10 4B 52 D 70 25 30 F 350 10 5 Required: Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis. Item Quantity Total Cost Total Market LCM Valuation A 50 B 80 C 10 70 D E 350 Total