Receivables and Inventories Chapter 6 8 P6-5 Lower-of-cost-or-market inventory December 31, 20Y9, are presented Data on the physical inventory of Moyer Company as of below Unit Market Price Inventory Quantity Description 112Aa B300t Total LCM, $41,855 115 64 125 Echo9 F900w H687 J023 L33y R66b S77x T882m Z55p 390 375 130 746 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows Next-to-the-Last Purchases Invoice Last Purchases Invoice Quantity Purchased Quantity Purchased Unit Cost Unit Cost Description 112Aa 300t C39f 25 25 150 25 565 560 F900w H687 023 L33y R66b 385 500 500 21 260 19 749 250 T882m Z55p 750 Instructions Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, pro- ceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM col umn. The first item on the inventory sheet has been completed below as an example. Inventory Sheet December 31, 20Y9 Total Inventory Unit Cost Price Unit Market Price $83 Description Qantity 112Aa Cost Market $2,000 $2,075 1,079 3,154 LCM $80 13 $3,014 $3,014