6-6A Lower-of-cost-or-market PR Data on the physical inventory of Ashwood Produc

Question

6-6A Lower-of-cost-or-market PR Data on the physical inventory of Ashwood Products Company as of December 31 follows inventory Obj. 6 Inventory Market Value per Unit (Net Realizable Value) $ 57 812 E41 G19 88 N94 P24 R66 18 180 126 550 18 18 140 15 Z16 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows Purchases Involce Purchases Involca QuantityUnit Purchased Cost s 59 180 129 Quantity Unit Description Purchased Cost B12 E41 G19 L88 N94 P24 R66 T33 Z16 30 20 $60 30 35 20 10 178 128 563 10 21 248 21 750 19 745 100 100 10 (Continue

Explanation / Answer

Inventory Sheet December 31 Description Inventory Quantity Cost per Unit $ Market Value per Unit (Net Realizable Value) $ Total Cost Market LCM B12 38 30 60 57 1800 1710 8 59 57 472 456 2272 2166 2166 E41 18 178 180 3204 3240 3204 G19 33 20 128 126 2560 2520 13 129 126 1677 1638 4237 4158 4158 L88 18 10 563 550 5630 5500 8 560 550 4480 4400 10110 9900 9900 N94 400 8 7 3200 2800 2800 P24 90 80 22 18 1760 1440 10 21 18 210 180 1970 1620 1620 R66 8 5 248 250 1240 1250 3 260 250 780 750 2020 2000 2000 T33 140 100 21 20 2100 2000 40 19 20 760 800 2860 2800 2800 Z16 15 10 750 752 7500 7520 5 745 752 3725 3760 11225 11280 11225

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