Prak Masters prepared the following analysis of its year-end inventory on June 30th:
$\begin{array}{llll}
&&\text { Cost } & \text { Market value }\
\text { Product } & \text { Quantity } & \text { per unit } & \text { per unit } \\hline
\mathrm{A} & 17 & \$ 430 & \$ 499 \
\mathrm{B} & 140 & 325 & 299 \
\mathrm{C} & 38 & 75 & 60
\end{array}$ Determine the lower-of-cost-or-market value for each product in Prak Master's inventory and prepare the journal entry needed at year-end to value the inventory at LCM.

Question

Prak Masters prepared the following analysis of its year-end inventory on June 30th:
 $\begin{array}{llll}
&&\text { Cost } & \text { Market value }\
\text { Product } & \text { Quantity } & \text { per unit } & \text { per unit } \\hline
\mathrm{A} & 17 & \$ 430 & \$ 499 \
\mathrm{B} & 140 & 325 & 299 \
\mathrm{C} & 38 & 75 & 60
\end{array}$ Determine the lower-of-cost-or-market value for each product in Prak Master's inventory and prepare the journal entry needed at year-end to value the inventory at LCM.

Quizplus · Accepted Answer

The Answer of Prak Masters prepared the following analysis of its year-end inventory on June 30th:
 $\begin{array}{llll}
&&\text { Cost } & \text { Market value }\
\text { Product } & \text { Quantity } & \text { per unit } & \text { per unit } \\hline
\mathrm{A} & 17 & \$ 430 & \$ 499 \
\mathrm{B} & 140 & 325 & 299 \
\mathrm{C} & 38 & 75 & 60
\end{array}$ Determine the lower-of-cost-or-market value for each product in Prak Master's inventory and prepare the journal entry needed at year-end to value the inventory at LCM.

Prak Masters Prepared the Following Analysis of Its Year-End Inventory