Lower-of-Cost-or-Market (LCM) Method

The Crane Company had the following inventory at year-end:

Required: Determine the value of ending inventory after applying the lower-of-cost-or-market method to each item of inventory.

Applying the lower-of-cost-or-market method to each item of the inventory results in an ending inventory amount of $______

Unit Price Quantity Cost Market Desks Model 9001 Model 9002 Model 9003 Cabinets Model 7001 Model 7002 Model 7003 70 $270 $290 45 360 348 20 430 440 20 140 144 80 175 168 50 210 206