A physical inventory of Helmke Company taken at December 31 reveals the following.
|
|
|
Per Unit
|
|
Item
|
Units
|
Cost
|
Market
|
|
Audio equipment
|
|
|
|
|
Receivers
|
340
|
$ 95
|
103
|
|
CD players
|
255
|
116
|
105
|
|
MP3 players
|
321
|
91
|
100
|
|
Speakers
|
199
|
57
|
46
|
|
Video equipment
|
|
|
|
|
Handheld LCDs
|
475
|
155
|
130
|
|
VCRs
|
286
|
98
|
89
|
|
Camcorders
|
207
|
315
|
327
|
|
Car audio equipment
|
|
|
|
|
Satellite radios
|
180
|
75
|
89
|
|
CD/MP3 radios
|
165
|
102
|
110
|
Required:
1. Calculate the lower of cost or market for the inventory applied separately to each item.