MJESSIVIILUCoinbrogress=false eBook Calculator Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Inventory Unit Market Description Quantity Price B12 38 $ 57 E41 18 180 G19 33 126 L8B 18 550 N94 400 7 P24 90 18 R66 B 250 20 140 T33 752 15 Z16 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Last Purchases Invoice Next-to-the-Last Purchases Invoice Unit Unit Quantity Purchased Quantity Purchased Cost Cost Description Check My Work eBook Calculator Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Next-to-the-Last Last Purchases Invoice Purchases Invoice Unit Unit Quantity Purchased Quantity Purchased Description Cost Cost 30 30 $ 60 B12 $ 59 180 20 178 35 E41 128 129 25 20 G19 10 563 560 10 L88 7 500 8 500 N94 21 50 22 80 P24 260 4 248 5 R66 100 19 T33 100 21 750 9 745 10 216 Required: Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Insert the quantity and unit cost of the last purchase. Check My Work eBook Calculator Required: on Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Insert the quantity and unit cost of the last purchase. 2. Insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and mart columns and insert the lower of the two totals in the Lower of C or M column. The first item on the inventory sheet has been completed as an example. Inventory Sheet December 31 Description Inventory Quantity Unit Cost Price Unit Market Price Total Cost Total Market B12 38 30 $60 $57 $1,800 $1,710 45 472 57 59 8 2,272 2,16 E41 18 G19 33 LBB 18 Check My Work 24 takeAssignment/takeAssignment Main.dolinvoker eBook Calculator Inventory Sheet December 31 Inventory Quantity Description Unit Cost Price Unit Market Price Total Cost Total Market B12 38 30 $60 $1,710 $57 $1,800 8 59 57 472 45 2,272 2,16 E41 18 G19 33