entry level accounting

chapter 6 question 10

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. Total Product Inventory Quantity Cost per Unit Market value per Unit (Net Realizable Value) $125 Cost Market LCM Adams 100 $140 Coolidge 375 90 12 220 60 59 McKinley Garfield 900 120 115 Lincoln 626 140 145 Total