Answer:
Helmet = $2,320
Bats = $2,640
Shoes = $5,346
Uniforms = $2,552
Explanation:
The accounting standard accounting for inventories (IAS 2) states that inventory should be initially recognized at cost. Subsequently, Inventory is to be carried at the lower of cost or net realizable value.
The net realizable value is sometimes estimated as the market value.
For Helmets
Cost = $62 Market value = $58
Lower value = $58
Number of units = 40
Ending inventory value = $58 × 40 = $2,320
For Bats
Cost = $80 Market value = $112
lower value = $80
Number of units = 33
Ending inventory value = $80 × 33 = $2,640
For Shoes
Cost = $99 Market value = $103
Lower value = $99
Number of units = 54
Ending inventory value = $99 × 54 = $5,346
For Uniforms
Cost = $44 Market value = $44
Lower value = $44
Number of units = 58
Ending inventory value = $44 × 58 = $2,552
