lower-of-cost-or-market inventory

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 Inventory Quantity Cost Per Unit Market Value per Unit (Net Realizable Value) Product Class 10 Model A 17 $157 $178 Model B 41 227 234 Model 36 211 189 Class 2 Model D 39 215 218 Model 10 126 141 a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. 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 per Unit Cost Market Lower of Cost or Market Market Value Inventory Cost Product Quantity per Unit (Net Realizable Value) Model A Model B Model C Model D Model E Total b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory. 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 Market Value Market Cost Lower of Cost or Market Cost per Unit per Unit Inventory Quantity (Net Realizable Value) Product Class 1: Model A Model B Model Subtotal Class 2: Model D Modele Subtotal 899 8 89 Accounting numeric field Total 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 Cost Market Lower of Cost or Market Market Value Cost per Unit (Net Realizable Value) Inventory Quantity Product per Unit Model A Model B Model C Model D Model E Total