Question
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit below.
| Item | Inventory Quantity | Unit Cost Price ($) | Unit Market Price ($) |
| MT22 | 1,029 | 90 | 85 |
| 4WY09 | 8,340 | 36 | 43 |
| 1GDS | 7,165 | 187 | 169 |
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Cornerstones Of Financial Accounting
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
2nd Canadian Edition
0176707123, 978-0176707125
