Company carries three lines of chairs. Information about the inventory as of the
ID: 2466587 • Letter: C
Question
Company carries three lines of chairs. Information about the inventory as of the end of its most recent fiscal year follows. If LCM is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory?
Product Line
Cost per Unit
Market Value per Unit
Quantity
Rustic
$382.50
$427.50
320
Mediterranean
332.50
367.50
430
Contemporary
500
350
340
Company carries three lines of chairs. Information about the inventory as of the end of its most recent fiscal year follows. If LCM is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory?
Product Line
Cost per Unit
Market Value per Unit
Quantity
Rustic
$382.50
$427.50
320
Mediterranean
332.50
367.50
430
Contemporary
500
350
340
Explanation / Answer
the company's inventory=Rustic 382.50*320+Mediterranean 332.5*430+Contemporary 350*340=122,400+142,975+119,000=$384,375.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.