Quantum Corporation sells three different products. The following information is available on December 31:
When applying the lower-of-cost-or-net realizable value rule to each item, what will Quantum report as its cost of ending inventory on December 31?

Question

Quantum Corporation sells three different products. The following information is available on December 31:
 When applying the lower-of-cost-or-net realizable value rule to each item, what will Quantum report as its cost of ending inventory on December 31?

Quizplus · Accepted Answer

(100 x $9) + (200 x $3) + (500 x $9) = $6,000

Quantum Corporation Sells Three Different Products