Question: Please help! Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value)

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Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) JFW1 5,750 $9 $10 SAW9 1,040 27 24 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. $ 191) X ge.com/geyser/warren_9781337902687/images/ch07/exhibit_7-9.jpg G O Paused Update EXHIBIT 9 A B C D E F G Market Value Determining Inventory Cost per per Unit Total Inventory at Lower 3 Item Quantity Unit (Net Realizable Value) Cost Market LCM of Cost or Market 4 Echo 400 $ 10.25 $ 9.50 $ 4,100 $ 3,800 $ 3,800 (LCM) 5 Foxtrot 120 22.50 24.10 2,700 2,892 2,700 6 Sierra 600 8.00 7.75 4,800 4,650 4,650 7 Tango 280 14.00 14.75 3,920 4,130 3,920 8 Total $15,520 $15,472 $ 15,070 9

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