Q2:

Q3:

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. \begin{tabular}{lcccccc} Item & \begin{tabular}{c} Inventory \\ Quantity \end{tabular} & \begin{tabular}{c} Cost per \\ Unit \end{tabular} & \begin{tabular}{c} Market Value \\ per Unit \end{tabular} & Total Cost & Total Market & Total LCM \\ \hline Product C & 300 & $6 & $5 & $ & $ \\ Product D & 420 & 12 & 14 & & \\ Total & & & & $ \end{tabular} Beginning inventory, purchases, and sales data for tennis rackets are as follows: \begin{tabular}{rll} April 3 & Inventory & 12 units @ \$45 \\ 11 & Purchase & 13 units @ \$47 \\ 14 & Sale & 18 units \\ 21 & Purchase & 9 units @ \$60 \\ 25 & Sale & 10 units \end{tabular} Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using LIFO