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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. Total Product 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.
Total | |||||||||
Product | Inventory Quantity | Cost per Unit | Market Value per Unit (Net Realizable Value) | Cost | Market | LCM | |||
Adams | 100 | $140 | $125 | $_____ | $_____ | $______ | |||
Coolidge | 375 | 90 | 112 | ______ | ______ | ______ | |||
McKinley | 220 | 60 | 59 | ______ | ______ | ______ | |||
Garfield | 900 | 120 | 115 | ______ | ______ | ______ | |||
Lincoln | 626 | 140 | 145 | ______ | ______ | ______ | |||
Total | $_____ | $_____ | $______ |
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