Lower-of-Cost-or-Market (LCM) Method The following data are taken from the Simpson Corporation's inventory accounts:
Item
Code |
Quantity | Unit
Cost | Replacement
Cost |
| Product 1 |
|
|
|
| ZKE |
100 |
$22 |
$18 |
| ZKF |
300 |
33 |
36 |
| Product 2 |
|
|
|
| MNJ |
400 |
22 |
19 |
| MNS |
250 |
33 |
37 |
Calculate the value of the company's ending inventory using the lower-of-cost-or-market method applied to each item of inventory.
Applying the lower-of-cost-or-market method to each item of the inventory results in an ending inventory amount of $Answer