September 2023 On the basis of the following data determine the value of the inventory at the lower

2024 ACCT300 – Problem 6-18 guide Assignment Help

On the basis of the following data determine the value of the inventory at the lower 2023

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9 . Commodity Inventory Quantity Unit Cost Price Unit Market Price Buffal 35 $115 $120 Dakota 67 90  75 Frontier 8 300  280 Midwest 83  40 30 Rainbow 100 90 94 EXHIBIT 9 Determining Inventory at Lower of Cost or Market In Exhibit 9 , Items A, B, C, and D could be viewed as a class of inventory items. If the lower-of-cost-or-market method is applied to the class, the inventory would be valued at $15,472, which is a market decline of $48 ($15,520 −$15,472). Likewise, if Items A, B, C, and D make up the total inventory, the lower-of-cost-or-market method as applied to the total inventory would be the same amount, $15,472. (Warren 233-234) Warren, Carl S. Survey of Accounting, 6th Edition . Cengage Learning, 02/2012. VitalBook file.

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