Question: Basic inventory data for April 30 are presented below for a business that employs the lower of cost or market basis of inventory valuation. Unit

Basic inventory data for April 30 are presented below for a business that employs the lower of cost or market basis of inventory valuation. Unit Unit Total Cost Market Lower of Commodity -Quantity- Price Price Cost C or M

A 30 $ 46 $ 49 _______ _______

B 15 165 161 _______ _______

C 25 80 87 _______ _______

D 30 55 50 _______ _______

(a) Complete the table.

(b) Determine the amount of reduction in the inventory at April 30 attributable to market decline.

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