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. Commodity

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


CommodityQuantityUnit Cost
Price		Unit Market
Price		Total
CostLower of C or M
A30$46$49___
B15165161___
C258087___
D305550___


(a) Complete the table.

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

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