Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Inventory Description Quantity Price Unit Market B12 38 141 160 G19 33 120 LSS 10 550 7 N96 400 T33 20 P24 90 18 R66 3 250 140 216 15 752 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 30 560 30 559 141 35 178 20 20 128 25 120 10 563 B12 180 G19 LS 10 560 N94 500 500 7 3 22 P20 50 21 R66 5 4 260 T33 100 100 21 750 19 745 216 10 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. Inventory Sheet December 31 Description Inventory Quantity Unit Cost Price Unit Market Price Total Cost Total Market B12 38 30 $60 $57 $1,800 $1 8 59 57 472 2,272 2 E41 18 G19 33 L88 18 N94 400 P24 90 R66 8 I II II III T33 140 216 15 Total