Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Inventory Item Inventory Quantity Market Value per Unit (Net Realizable Value)

B12 38 $ 57

E41 18 180

G19 33 126

L88 18 550

N94 400 7

P24 90 18

R66 8 250

T33 140 20

Z16 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 Purchases Invoice Next-to-the-Last Purchases Invoice Inventory Item Quantity Purchased Unit Cost

Quantity Purchased Unit Cost B12 30 $ 60 30 $ 59

E41 35 178 20 180

G19 20 128 25 129

L88 10 563 10 560

N94 500 8 500 7

P24 80 22 50 21

R66 5 248 4 260

T33 100 21 100 19

Z16 10 750 9 745

Required: Determine the inventory at cost as well as 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:

Insert the quantity and unit cost of the last purchase.

Insert the quantity and unit cost of the next-to-the-last purchase.

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.