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. Cost Per Inventory Quantity Product Market Value per Unit (Net Realizable Value) Unit Class 1: Model A 14 $199 $177 Model B 50 48 43 Model C 15 245 255 Class 2: Model D 16 233 286 Model E 44 226 236 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 Market Value Cost per Unit (Net Realizable Value) per Unit Cost Market Lower of Cost or Market Inventory Product Quantity Model A Model B Model C Model D Model E band Total 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 Inventory Quantity Cost per Unit per Unit Cost Market Lower of Cost or Market (Net Realizable Value) Product Class 1: Model A Model B 899 Model C Subtotal Class 2: Model D 6L Model E Subtotal 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 Inventory Quantity Market Value Cost per Unit per Unit (Net Realizable Value) Cost Market Lower of Cost or Market Product Model A Model B Model C Model D Model E Total