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question lower of cost or market inventory data on the a detailed listing of merchan 4293889

Question

Lower-of-Cost-or-Market Inventory

Data on the A detailed listing of merchandise on hand.physical inventory of Ashwood Products Company as of December 31, 2016, follows:

Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows:

Required:

Determine the inventory at cost and also at the lower of cost or market, using the The method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred.first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows:

Insert the quantity and unit cost of the last purchase.

On the following line, insert the quantity and unit cost of the next-to-the-last purchase.

Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column.

 

Description

Inventory

Quantity

Unit Market

Price

B12

38

 

 

$ 57

 

 

E41

18

 

 

180

 

 

G19

33

 

 

126

 

 

L88

18

 

 

550

 

 

N94

400

 

 

7

 

 

P24

90

 

 

18

 

 

R66

8

 

 

250

 

 

T33

140

 

 

20

 

 

Z16

15

 

 

752

 

 

             

 

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