Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Unit Market Inventory Quantity Description Price B12 $ 57 E41 n 619 L88 N94 P24 R66 T33 NN Z16 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 Purchases Invoice Next-to-the-Last Purchases Invoice Unit Unit Quantity Purchased Quantity Purchased Description Cost Cost B12 $ 59 E41 G19 L88 N94 P24 R66 T33 216 Required: Determine the inventory at cost and also at the lower of cost or market, 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: Required: Determine the inventory at cost and also at the lower of cost or market, 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. 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 Lower of C or M column. The first item on the inventory sheet has been completed as an example. Description Inventory Quantity Inventory Sheet December 31 Unit Market Price $57 57 Total Lower of B12 138 Unit Cost Price $60 5 9 30 Total Cost $1,800 472 2,272 Total Market $1,710 456 2,166 8 L88 C C N94 P24 400 90C R66 8 CCC T33 140 | Total Inventory Quantity Inventory Sheet December 31 Unit Market Price $57 57 Unit Cost Price $60 Total Lower of C or M 30 Total Cost $1,800 - 472 Total Market $1,710 456 59 2,272 2,166 $2,166