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On the basis of the following data, determine the value of the inventory at the lower of cost or market applied on an item-by-item basis.
On the basis of the following data, determine the value of the inventory at the lower of cost or market applied on an item-by-item basis.
Product | Inventory Quantity | Cost per Unit | Market Value per Unit (Net Realizable Value) | Total Cost | Total Market | Total LCM |
---|---|---|---|---|---|---|
Adams | 12 | $197 | $208 | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
Coolidge | 12 | 237 | 224 | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
McKinley | 44 | 81 | 58 | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 |
Garfield | 47 | 82 | 103 | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
Lincoln | 33 | 54 | 73 | 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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