A physical inventory of Office Necessities Company taken at December 31 reveals the following. Item Units Cost per Unit Market per Unit Office furniture Desks 536 $261 $305 Chairs 395 227 256 Mats 687 49 43 Bookshelves Filing cabinets Two-drawer Four-drawer 421 93 82 114 81 70 298 135 122 Lateral 75 104 118 Office equipment Projectors 370 168 200 Copiers 475 317 288 Phones 302 125 117

Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory?

Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5. March 13 1,900 @ 3,500 @ $9 $10 March 21 March 26 5,200 @ $11 $12 1,900 @ During March 11,500 units were sold. Sheffield uses a periodic inventory system.

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 10. Product InventoryQuantity Cost PerUnit Market Value per Unit(Net Realizable Value) Class 1:       Model A  16 $162       $169             Model B  32   190        198             Model C  34 152         148             Class 2:       Model D  31   298         309             Model E  42  72        78             Question Content Area a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product InventoryQuantity Costper Unit Market Valueper Unit(Net Realizable Value) Cost Market Lower of Cost or Market Model A fill in the blank 1b67cb01c017023_1 $fill in the blank 1b67cb01c017023_2 $fill in the blank 1b67cb01c017023_3 $fill in the blank 1b67cb01c017023_4 $fill in the blank 1b67cb01c017023_5 $fill in…