use the lower of cost or market rule to determine the value of the following inv
ID: 3197719 • Letter: U
Question
use the lower of cost or market rule to determine the value of the following invent $1,925,317.76 $1,810,540.45 $1,726,443.40 Use the lower-of-cost-or-market rule to determine the value of the following inventory for Bargain Bonanza, Inc. QTY 154 133 457 491 123 COST $598 163 508 196 259 MKT $554 212 772 252 235 BASIS Mountain bikes Fax machines Dishwashers VCRs Total value in Inventory is: $85,316 $232,156 $464,292 $92,092 The College Book Store had sales of $285,300 in the month of October. Use the retail method to estimate the value of the inventory as of October 31 given the following financial information: October 1 to October 31 Beginning Inventory Net Purchases (October) Goods Available for Sale COST $221,708 RETAIL $331,800 $405,479Explanation / Answer
Total value of inventory is
= 154 * 554 + 133 * 163 + 457 * 508 + 491 * 196 + 123 * 235 = $ 464,292
Option C is correct.
Here i have used the sum of Quantity with the lower cost among market or Cost price.
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