Principles of Accounting Volume 1
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 $
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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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