Question
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the
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On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.
Inventory Item
Inventory Quantity
Cost per Unit
Market Value per Unit (Net Realizable Value)
Birch 12 $225 $211 Cypress 25 75 59 Mountain Ash 21 280 295 Spruce 22 167 186 Willow 36 60 61
Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total LCM Birch $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Cypress fill in the blank 4 fill in the blank 5 fill in the blank 6 Mountain Ash fill in the blank 7 fill in the blank 8 fill in the blank 9 Spruce fill in the blank 10 fill in the blank 11 fill in the blank 12 Willow 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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On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.
| Inventory Item | Inventory Quantity | Cost per Unit | Market Value per Unit (Net Realizable Value) | |
| Birch | 12 | $225 | $211 | |
| Cypress | 25 | 75 | 59 | |
| Mountain Ash | 21 | 280 | 295 | |
| Spruce | 22 | 167 | 186 | |
| Willow | 36 | 60 | 61 |
| Inventory at the Lower of Cost or Market | |||
| Inventory Item | Total Cost | Total Market | Total LCM |
| Birch | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
| Cypress | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
| Mountain Ash | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 |
| Spruce | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
| Willow | 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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Fundamental Accounting Principles
Authors: John Wild, Ken Shaw, Barbara Chiappett
23rd edition
978-1259536359
