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Basile [38]
3 years ago
6

Using the lower of cost or market, what should the total inventory value be for the following items:_____. Item Quantity Unit Co

st Price Unit Market Price Total Cost Price Total Market Price Lower of Cost or Market A 220 $9 $11 $1,980 $2,420 $fill in the blank 1 B 94 $17 $13 $1,598 $1,222 $fill in the blank 2 C 42 $25 $28 $1,050 $1,176Apply the lower-of-cost-or-market method to inventory as a whole.
Business
1 answer:
Allisa [31]3 years ago
5 0

Answer:

 $ 4252  is the lower cost price.  

Explanation:

Using lower of cost price or lower of market price :

<u>Item</u>      <u>Total cost price</u>    <u>Total market value</u>     <u>Lower of cost or market price</u>

  A            $ 1980                      $ 2420                          $ 1980

  B            $ 1598                      $ 1222                           $ 1222

  C            $ 1050                      $ 1176                          <u>  $ 1050  </u>            

                                                                                        $ 4252                                                  

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