Question
Lower-of-Cost-or-Market Inventory On the basis of the following data: Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Model A 16
Lower-of-Cost-or-Market Inventory
On the basis of the following data:
| Product | Inventory Quantity | Cost per Unit | Market Value per Unit (Net Realizable Value) |
| Model A | 16 | $245 | $254 |
| Model B | 15 | 248 | 243 |
| Model C | 49 | 292 | 294 |
| Model D | 23 | 162 | 184 |
| Model E | 49 | 141 | 120 |
Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.
| Inventory at the Lower of Cost or Market | |||
| Product | Total Cost | Total Market | Lower of Total Cost or Total Market |
| A | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
| B | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
| C | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 |
| D | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
| E | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 |
| Total | $fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 |
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Cost Managerial Accounting By Gleim Exam Questions And Explanations
Authors: Gleim
8th Edition
1581945663, 978-1581945669
