On the basis of the following data, determine the value of the inventory at the lower of
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Question:
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.
Exhibit 9
Inventory | Inventory | Cost per | Market Value per Unit | |
Birch | 35 | $241 | $265 | |
Cypress | 27 | 75 | 58 | |
Mountain Ash | 39 | 93 | 113 | |
Spruce | 44 | 210 | 233 | |
Willow | 47 | 264 | 241 |
Inventory at the Lower of Cost or Market | |||
Commodity | Total Cost | Total Market | Total Lower of C or M |
Birch | $ | $ | $ |
Cypress | |||
Mountain Ash | |||
Spruce | |||
Willow | |||
Total | $ | $ | $ |
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