Question: Lower-of-Cost-or-Market Method On the basis of the data shown below: ITEM Inventory Quantity Cost per Unit Market Value per Unit(net realizable value) MX62 75 $34

Lower-of-Cost-or-Market Method

On the basis of the data shown below:

ITEM Inventory Quantity Cost per Unit Market Value per Unit(net realizable value)

MX62 75 $34 $39

TX24 151 17 14

Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown inExhibit 9.

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