Question
Lower-of-Cost-or-Market Method On the basis of the data shown below: Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) IA17 116
Lower-of-Cost-or-Market Method
On the basis of the data shown below:
| Item | Inventory Quantity | Cost per Unit | Market Value per Unit (Net Realizable Value) |
| IA17 | 116 | $26 | $29 |
| BJ54 | 239 | 13 | 8 |
Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.
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Audit Of Assumptions For The 2009 Pre Budget Report Report By The Comptroller And Auditor General, Session 2009-2010 Hc 83
Authors: National Audit Office
1st Edition
0102963371, 978-0102963373
