A company reported the following data related to its ending inventory:
$\begin{array}{|l|l|c|c|}
\hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \
\hline 849 & 100 & \$ 10 & \$ 11 \
\hline 842 & 75 & 16 & 14 \
\hline 847 & 60 & 14 & 13 \
\hline 860 & 40 & 16 & 20 \
\hline
\end{array}$ Calculate the lower of cost or-market on both the:
(a) Inventory as a whole.
(b) Inventory applied separately to each product.

Question

A company reported the following data related to its ending inventory:
 $\begin{array}{|l|l|c|c|}
\hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \
\hline 849 & 100 & \$ 10 & \$ 11 \
\hline 842 & 75 & 16 & 14 \
\hline 847 & 60 & 14 & 13 \
\hline 860 & 40 & 16 & 20 \
\hline
\end{array}$ Calculate the lower of cost or-market on both the:
(a) Inventory as a whole.
(b) Inventory applied separately to each product.

Quizplus · Accepted Answer

The Answer of A company reported the following data related to its ending inventory:
 $\begin{array}{|l|l|c|c|}
\hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \
\hline 849 & 100 & \$ 10 & \$ 11 \
\hline 842 & 75 & 16 & 14 \
\hline 847 & 60 & 14 & 13 \
\hline 860 & 40 & 16 & 20 \
\hline
\end{array}$ Calculate the lower of cost or-market on both the:
(a) Inventory as a whole.
(b) Inventory applied separately to each product.

A Company Reported the Following Data Related to Its Ending