Jones Company is preparing the annual financial statements dated December 31, 2015. Ending inventory information about the five major items stocked for regular sale follows:

Required:
Compute the valuation that should be used for the 2015 ending inventory using the LCM rule applied on an item-by-itembasis.

Transcribed Image Text:

ENDING INVENTORY, 2015 Quantity on Hand 50 80 10 70 350 Unit Cost When Replacement Cost Market) at Year-End $12 40 52 30 Item Acquired (FIFO) S15 30 48 25 10