Question - Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period.
|
Item
|
Number of Units
|
Historical Cost per Unit
|
Market Value per Unit
|
|
Window air conditioner
|
15
|
$194
|
$110
|
|
Dishwasher
|
34
|
240
|
380
|
|
Refrigerator
|
27
|
382
|
605
|
|
Microwave
|
19
|
215
|
180
|
|
Washer (clothing)
|
36
|
195
|
290
|
|
Dryer (clothing)
|
21
|
168
|
245
|
Required: Compute the carrying value of Meredith's ending inventory using the lower of cost or market rule applied on an item-by-item basis.