Ames Trading Co. has the following products in its Quantity Cost per Unit $ 600 Product Mountain bikes 11 Skateboards 13 350 Gliders 26 800

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ames Trading Co. has the following products in its ending inventory.
Market per Unit
$ 550
Quantity
Cost per Unit
$ 600
35e
Product
Mountain bikes
11
Skateboards
13
425
Gliders
26
800
700
Compute lower of cost or market for inventory applied separately to each product.
Per Unit
Total
LCM applied to
Inventory Items
Units
Cost
Market
Cost
Market
each product
Mountain bikes
2$
$
Skateboards
Gliders
24
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Transcribed Image Text:Ames Trading Co. has the following products in its ending inventory. Market per Unit $ 550 Quantity Cost per Unit $ 600 35e Product Mountain bikes 11 Skateboards 13 425 Gliders 26 800 700 Compute lower of cost or market for inventory applied separately to each product. Per Unit Total LCM applied to Inventory Items Units Cost Market Cost Market each product Mountain bikes 2$ $ Skateboards Gliders 24 < Prev 9 of 18 Next >
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