Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Fill blank space with correct answer. General Account Subject Questions
![Lower-of-Cost-or-Market (LCM) Method
The following data are taken from the Smith & Wesson Corporation's
inventory accounts;
Item Code
Quantity
Unit Cost
Replacement Cost
ZKE
100
$ 22
$ 20
XYF
300
$ 33
$ 34
MNJ
400
$ 22
$ 20
UBS
200
$ 33
$ 37
Required;
Calculate the value of the company's ending inventory using the lower-
of-cost-or-market method applied to each item of inventory. Ending
Inventory Value:
Ending Inventory Value $](https://content.bartleby.com/qna-images/question/e265a427-1a21-4bf5-b808-14a9286c4968/6782055f-6161-4497-879a-87ce89763bcd/wbs8ims_thumbnail.jpeg)
Transcribed Image Text:Lower-of-Cost-or-Market (LCM) Method
The following data are taken from the Smith & Wesson Corporation's
inventory accounts;
Item Code
Quantity
Unit Cost
Replacement Cost
ZKE
100
$ 22
$ 20
XYF
300
$ 33
$ 34
MNJ
400
$ 22
$ 20
UBS
200
$ 33
$ 37
Required;
Calculate the value of the company's ending inventory using the lower-
of-cost-or-market method applied to each item of inventory. Ending
Inventory Value:
Ending Inventory Value $
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