A company reports inventory using lower-of-cost-or-market.Below is information related to its year-end inventory.Calculate the amount to be reported for ending inventory.
$$\begin{array} { l c c c }
\text { Inventory } & \text { Quantity } & \text { Cost } & \text { Market } \
\text { Ski jackets } & 10 & \$ 130 & \$ 110 \
\text { Skis } & 25 & \$ 250 & \$ 300
\end{array}$$

Question

A company reports inventory using lower-of-cost-or-market.Below is information related to its year-end inventory.Calculate the amount to be reported for ending inventory.
$$\begin{array} { l c c c } 
\text { Inventory } & \text { Quantity } & \text { Cost } & \text { Market } \
\text { Ski jackets } & 10 & \$ 130 & \$ 110 \
\text { Skis } & 25 & \$ 250 & \$ 300
\end{array}$$

Quizplus · Accepted Answer

The Answer of A company reports inventory using lower-of-cost-or-market.Below is information related to its year-end inventory.Calculate the amount to be reported for ending inventory.
$$\begin{array} { l c c c } 
\text { Inventory } & \text { Quantity } & \text { Cost } & \text { Market } \
\text { Ski jackets } & 10 & \$ 130 & \$ 110 \
\text { Skis } & 25 & \$ 250 & \$ 300
\end{array}$$

A Company Reports Inventory Using Lower-Of-Cost-Or-Market