Exercise 5-10 Lower of cost or market LO P2 Martinez Company\'s ending inventory

Question

Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Helmets Bats Shoes Uniforms Market per Unit 24 17 38 $ 50 78 95 36 $ 54 72 91 36 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total LCM Applied to Items Market Inventory Items Units Cost MarketCost Helmets Bats Shoes Uniforms 24 50 541,200 1,296 17 38 42 1,224 3,458 1,516 78 95 36 72 91 36 1,326 3,610 1,516 $ 7,652 $ 7,494 $

Explanation / Answer

Per unit Total Inventory items Units Cost Market Cost Market LCM applied to items Helmets 24 50 54 1200 1296 1200 Bats 17 78 72 1326 1224 1224 Shoes 38 95 91 3610 3458 3458 Uniforms 42 36 36 1516 1516 1516 Total 7398 Take lower of cost or market individually for all items and total it.

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