eBook Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Inventory Description Quantity Market Value per Unit (Net Realizable Value) B121 38 $57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 15 216 20 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Last Next-to-the-Last Purchases Invoice Purchases Invoice Quantity Unit Quantity Unit Description Purchased Cost Purchased Cost B12 30 $60 30 $59 E41 35 178 20 1801 G19 20 128 25 129 L88 10 563 10 560 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Last Next-to-the-Last Purchases Invoice Purchases Invoice Quantity Unit Quantity Unit Description Purchased Cost Purchased Cost B12 30 $60 30 $59 E41 35 178 20 180 G19 20 128 25 129 188 10 563 10 560 N94 500 8 500 7 P241 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 216 10 750 9 745 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: 1. Insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. 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. Inventory Sheet December 31 Description Inventory Quantity Cost Per Unit B12 38 E41 18 G19 33 18 N94 400 P24 90 R66 30 $60 8 59 Inventory Sheet December 31 Market Value Total per Unit (Net Realizable Cost Market LCM Value) $57 $1,800 $1,710 57 472 456 2,272 2,166 $2,166 18 N94 P24 400 90 R66 8 140 216) 15 Total