Lower-of-Cost-or-Market Inventory-On the basis of the following data

Lower-of-Cost-or-Market Inventory-On the basis of the following data

Subject: Business    / Accounting
Question

Lower-of-Cost-or-Market Inventory

On the basis of the following data:
Product    Inventory
Quantity    Cost per
Unit
Market Value per Unit
(Net Realizable Value)
Model A    16    $210    $230
Model B    11    44    57
Model C    23    139    118
Model D    26    177    177
Model E    19    114    117

Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.

Inventory at the Lower of Cost or Market
Product    Total Cost    Total Market    Lower of Total Cost or Total Market
A    $    $    $
B
C
D
E
Total    $    $

$