FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Using the lower of cost or market, what should the total inventory value be for the following items:
Item |
Inventory Quantity |
Cost per Unit |
Market Value per Unit |
Total Cost Price |
Total Market Price |
Lower of Cost or Market |
A | 186 | $6 | $8 | $1,116 | $1,488 | $fill in the blank 1 |
B | 95 | $18 | $14 | $1,710 | $1,330 | $fill in the blank 2 |
C | 44 | $22 | $25 | $968 | $1,100 | $fill in the blank 3 |
$fill in the blank 4 |
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