Compute the lower cost of inventory, Cost Accounting

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Compute the lower cost of inventory

Response to the following problem:

Tailspin Trading Co. has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to each product.

Product Quantity Cost per Unit Market per Unit

Mountain bikes . . . . . . . . 9 $360 $330

Skateboards . . . . . . . . . . . 12 210 270

Gliders . . . . . . . . . . . . . . . 25 480 420

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Cost Accounting: Compute the lower cost of inventory

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Cost Accounting: Compute the lower cost of inventory

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