Question
March 2 Beginning Inventory 120 units @ $4.00 March 5 Purchases 500 @ $4.50 March 8 Sale 300 units March 19 Purchases 200 units @
| March 2 | Beginning Inventory | 120 units @ $4.00 |
| March 5 | Purchases | 500 @ $4.50 |
| March 8 | Sale | 300 units |
| March 19 | Purchases | 200 units @ $4.75 |
| March 30 | Sale | 400 units |
LIFO calculation: Balance of ending inventory in $.
LIFO calculation: Total Cost of Goods Sold.
FIFO calculation: Balance of ending inventory in $.
FIFO calculation: Total Cost of Goods Sold.
Calculation of inventory value using Lower of Cost or Market (LCM) method. Mattie Company produces 4 types of dog food and shows the following value of inventory. If Mattie applies the LCM method, what is the value of the inventory that should be shown on the balance sheet?
| Product | Cost | Market |
| Super Star | $64,000 | $61,000 |
| Happy Dog | $290,000 | $260,000 |
| Lazy Dog | $152,000 | $167,000 |
| Puppy | $50,000 | $32,000 |
QUESTION: If Mattie applies the LCM method, what is the value of the inventory that should be shown on the balance sheet?
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