Basic inventory data for June are presented below for a business that employs the lower of cost or market basis of inventory valuation.
|
A
|
30
|
$62.00
|
65.00
|
|
|
|
|
B
|
12
|
144.00
|
144.00
|
|
|
|
|
C
|
45
|
105.00
|
101.00
|
|
|
|
|
D
|
36
|
64.00
|
57.00
|
|
|
|
item, inventory qty, unit cost price, unit market price, cost market price, cost, market , lower of cost or market
Columns: Cost, Market, Lower of cost or market should be filled in.
A. Complete the table.
B. Determine the amount of reduction in the inventory at June 30 attributable to market decline.