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.ProductClass 1:Model AModel BModel CClass 2:Model DModel EProductModel AModel BModel CModel DModel ETotalProductClass 1:Model AModel BModel CClass 2:TotalSubtotalModel DModel EInventoryQuantityTotal26a. Determine the value of the inventory at the lower of cost or market applied to each item in the Inventory.SubtotalProductModel AModel BModel CModel DModel E2610499b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory.Cost PerUnitInventoryQuantityInventory at the Lower of Cost or MarketMarket Valueper UnitInventory CostQuantity per Unit (Net Realizable Value)Costper Unit$1492841475412100000Market Value per Unit(Net Realizable Value)883800000$13727414346Inventory at theLower of Costor MarketMarket Valueper Unit(Net Realizable Value)135Cost Market Lower of Cost or Marketc. Determine the value of the inventory at the lower of cost or market applied to total inventory.Cost Market Lower of Cost or MarketInventory at the Lower of Cost or MarketMarket ValueInventory Costper UnitQuantity per Unit (Net Realizable Value)Cost Market Lower of Cost or Market

Inventory calculation involves determining the value of the items or products that a company holds…

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 Product Class 1: Model A Model B Model C Class 2: Model D Model E Inventory Quantity Product 26 26 10 49 9 Cost Per Unit $149 284 147 54 121 Market Value per Unit (Net Realizable Value) $137 274 143 a. Determine the value of the inventory at the lower of cost or market applied to each item in the Inventory. Cost 46 135 Inventory at the Lower of Cost or Market Market Value per Unit Inventory Cost Quantity per Unit (Net Realizable Value) Market Lower of Cost or Market

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 Product Class 1: Model A Model B Model C Class 2: Model D Model E Inventory Quantity Product 26 26 10 49 9 Cost Per Unit $149 284 147 54 121 Market Value per Unit (Net Realizable Value) $137 274 143 a. Determine the value of the inventory at the lower of cost or market applied to each item in the Inventory. Cost 46 135 Inventory at the Lower of Cost or Market Market Value per Unit Inventory Cost Quantity per Unit (Net Realizable Value) Market Lower of Cost or Market

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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