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. Assemble the data in the form illustrated in Exhibit $10.$

Product

Inventory

Quantity

Cost Per

Unit

Market Value per Unit

$($Net Realizable Value$)$

Class $1$:

Model A $300$ $$140$ $$125$

Model B $50090112$

Model C $1506059$

Class $2$:

Model D $800120115$

Model E $400140145$

Question Content Area

a$.$ Determine the value of the inventory at the lower of cost or market applied to each item in the inventory.

Inventory at the Lower of Cost or Market

Product

Inventory

Quantity

Cost

per Unit Market Value

per Unit

$($Net Realizable Value$)$ Cost Market Lower of Cost or Market

Model A fill in the blank fbb$837$ffefe$7$ff$5\_1$

$fill in the blank fbb$837$ffefe$7$ff$5\_2$

$fill in the blank fbb$837$ffefe$7$ff$5\_3$

$fill in the blank fbb$837$ffefe$7$ff$5\_4$

$fill in the blank fbb$837$ffefe$7$ff$5\_5$

$fill in the blank fbb$837$ffefe$7$ff$5\_6$

Model B fill in the blank fbb$837$ffefe$7$ff$5\_7$

fill in the blank fbb$837$ffefe$7$ff$5\_8$

fill in the blank fbb$837$ffefe$7$ff$5\_9$

fill in the blank fbb$837$ffefe$7$ff$5\_10$

fill in the blank fbb$837$ffefe$7$ff$5\_11$

fill in the blank fbb$837$ffefe$7$ff$5\_12$

Model C fill in the blank fbb$837$ffefe$7$ff$5\_13$

fill in the blank fbb$837$ffefe$7$ff$5\_14$

fill in the blank fbb$837$ffefe$7$ff$5\_15$

fill in the blank fbb$837$ffefe$7$ff$5\_16$

fill in the blank fbb$837$ffefe$7$ff$5\_17$

fill in the blank fbb$837$ffefe$7$ff$5\_18$

Model D fill in the blank fbb$837$ffefe$7$ff$5\_19$

fill in the blank fbb$837$ffefe$7$ff$5\_20$

fill in the blank fbb$837$ffefe$7$ff$5\_21$

fill in the blank fbb$837$ffefe$7$ff$5\_22$

fill in the blank fbb$837$ffefe$7$ff$5\_23$

fill in the blank fbb$837$ffefe$7$ff$5\_24$

Model E fill in the blank fbb$837$ffefe$7$ff$5\_25$

fill in the blank fbb$837$ffefe$7$ff$5\_26$

fill in the blank fbb$837$ffefe$7$ff$5\_27$

fill in the blank fbb$837$ffefe$7$ff$5\_28$

fill in the blank fbb$837$ffefe$7$ff$5\_29$

fill in the blank fbb$837$ffefe$7$ff$5\_30$

Total blank blank blank $fill in the blank fbb$837$ffefe$7$ff$5\_31$

$fill in the blank fbb$837$ffefe$7$ff$5\_32$

$fill in the blank fbb$837$ffefe$7$ff$5\_33$

Question Content Area

b$.$ Determine the value of the inventory at the lower of cost or market applied to each class of inventory.

Inventory at

the Lower of Cost

or Market

Product

Inventory

Quantity

Cost

per Unit Market Value

per Unit

$($Net Realizable Value$)$ Cost Market Lower of Cost or Market

Class $1$: blank blank blank blank blank blank

Model A fill in the blank $36102506206$bf$91\_1$

$fill in the blank $36102506206$bf$91\_2$

$fill in the blank $36102506206$bf$91\_3$

$fill in the blank $36102506206$bf$91\_4$

$fill in the blank $36102506206$bf$91\_5$

blank

Model B fill in the blank $36102506206$bf$91\_6$

fill in the blank $36102506206$bf$91\_7$

fill in the blank $36102506206$bf$91\_8$

fill in the blank $36102506206$bf$91\_9$

fill in the blank $36102506206$bf$91\_10$

blank

Model C fill in the blank $36102506206$bf$91\_11$

fill in the blank $36102506206$bf$91\_12$

fill in the blank $36102506206$bf$91\_13$

fill in the blank $36102506206$bf$91\_14$

fill in the blank $36102506206$bf$91\_15$

blank

Subtotal blank blank blank $fill in the blank $36102506206$bf$91\_16$

$fill in the blank $36102506206$bf$91\_17$

$fill in the blank $36102506206$bf$91\_18$

Class $2$: blank blank blank blank blank blank

Model D fill in the blank $36102506206$bf$91\_19$

fill in the blank $36102506206$bf$91\_20$

fill in the blank $36102506206$bf$91\_21$

$fill in the blank $36102506206$bf$91\_22$

$fill in the blank $36102506206$bf$91\_23$

blank

Model E fill in the blank $36102506206$bf$91\_24$

fill in the blank $36102506206$bf$91\_25$

fill in the blank $36102506206$bf$91\_26$

fill in the blank $36102506206$bf$91\_27$

fill in the blank $36102506206$bf$91\_28$

blank

Subtotal blank blank blank $fill in the blank $36102506206$bf$91\_29$

$fill in the blank $36102506206$bf$91\_30$

fill in the blank $36102506206$bf$91\_31$

Total blank blank blank $fill in the blank $36102506206$bf$91\_32$

$fill in the blank $36102506206$bf$91\_33$

$fill in the blank $36102506206$bf$91\_34$

Question Content Area

c$.$ Determine the value of the inventory at the lower of cost or market applied to total inventory.

Inventory at the Lower of Cost or Market

Product

Inventory

Quantity Costper Unit Market Value

per Unit

$($Net Realizable Value$)$ Cost Market Lower of Cost or Market

Model A fill in the blank $822507$f$2$e$073$fe$7\_1$

$fill in the blank $822507$f$2$e$073$fe$7\_2$

$fill in the blank $822507$f$2$e$073$fe$7\_3$

$fill in the blank $822507$f$2$e$073$fe$7\_4$

$fill in the blank $822507$f$2$e$073$fe$7\_5$

blank

Model B fill in the blank $822507$f$2$e$073$fe$7\_6$

fill in the blank $822507$f$2$e$073$fe$7\_7$

fill in the blank $822507$f$2$e$073$fe$7\_8$

fill in the blank $822507$f$2$e$073$fe$7\_9$

fill in the blank $822507$f$2$e$073$fe$7\_10$

blank

Model C fill in the blank $822507$f$2$e$073$fe$7\_11$

fill in the blank $822507$f$2$e$073$fe$7\_12$

fill in the blank $822507$f$2$e$073$fe$7\_13$

fill in the blank $822507$f$2$e$073$fe$7\_14$

fill in the blank $822507$f$2$e$073$fe$7\_15$

blank

Model D fill in the blank $822507$f$2$e$073$fe$7\_16$

fill