E6-18 On the basis of the following data, determine the value of the inventory a

Question

E6-18 On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Commodity Inventory Quantity Unit Cost Price Unit Market Price Buffal 35 $115 $120 Dakota 67 90 75 Frontier 8 300 280 Midwest 83 40 30 Rainbow 100 90 94

Unit Unit Total Inventory Cost Market Commodity Quantity Price Price Cost Market LCM Buffalo 35 $115 $120          Dakota 67 90 75          Frontier 8 300 280          Midwest 83 40 30          Rainbow 100 90 94          Total          need totals for Cos Market and LCM

Explanation / Answer

Unit Unit Total Inventory Cost Market Commodity Quantity (a) Price (b) Price© Cost (a*b) Market (a*c) LCM Buffalo                   35.00                            115.00              120.00           4,025.00              4,200.00                     4,025.00 Dakota                   67.00                              90.00                75.00           6,030.00              5,025.00                     5,025.00 Frontier                     8.00                            300.00              280.00           2,400.00              2,240.00                     2,240.00 Midwest                   83.00                              40.00                30.00           3,320.00              2,490.00                     2,490.00 Rainbow                100.00                              90.00                94.00           9,000.00              9,400.00                     9,000.00 Total         24,775.00            23,355.00                   22,780.00

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.