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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
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 inExhibit 10.
Commodity | Inventory Quantity | Unit Cost Price | Unit Market Price | |
Ash | 80 | $140 | $125 | |
Aspen | 120 | 90 | 112 | |
Beech | 30 | 75 | 74 | |
Maple | 75 | 88 | 86 | |
Oak | 60 | 140 | 145 |
Inventory at the Lower of Cost or Market | |||
Commodity | Total Cost | Total Market | Total Lower of C or M |
Ash | $?? | $?? | $?? |
Aspen | $?? | $?? | $?? |
Beech | $?? | $?? | $?? |
Maple | $?? | $?? | $?? |
Oak | $?? | $?? | $?? |
Total | $?? | $?? | $?? |
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