Perez Animal Feeds has developed the following data for lower-of-cost-or-market valuation for its inventory products:  

Cost Market

Large Animals:

Cattle $400,000 $380,000

Horse 875,000 920,000

Small Animals:

Cat 550,000 700,000

Dog 90,000 165,000

Ferret 280,000 245,000

Required: Determine the amount of inventory to appear in the balance sheet assuming LCM applied to: 1. Individual item approach

2. Group by group approach

3. Total inventory approach.

Answer rating: 100% (QA)

Perez Animal Feeds Inventory Valuation LowerofCostorMarket We will determine the inventory value for ... View the full answer