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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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Handbook Of Management Accounting Research Volume 3
Authors: Anthony G. Hopwood, Christopher S. Chapman, Michael D. Shields
1st Edition
0080554504, 978-0080554501
