Question: Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Simpson Corporations inventory accounts: Item Code Quantity Unit Cost Net Realizable Value Product 1

Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Simpson Corporations inventory accounts: Item Code Quantity Unit Cost Net Realizable Value Product 1 ZKE 100 $22 $20 ZKF 300 33 34 Product 2 MNJ 400 22 19 MNS 200 33 37

Calculate the value of the companys ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount of $

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