Question: Basic inventory data for June are presented below for a business that employs the lower of cost or market basis of inventory valuation. Item Inv

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

Item Inv Qty Unit Cost price

A 30 $62.00 65.00
B 12 144.00 144.00
C 45 105.00 101.00
D 36 64.00 57.00

item, inventory qty, unit cost price, unit market price, cost market price, cost, market , lower of cost or market

Columuns: Cost, Market, Lower of cost or market should be filled in.

A. Complete the table.

B. Determine the amount of reduction in the inventory at June 30 attributable to market decline.

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