Problem: The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable basis of valuing its ending inventory. The following information is available:
|
|
Cost
|
Market Value
|
|
Lawnmowers:
|
|
|
|
Self-propelled
|
$16,800
|
$17,000
|
|
Push type
|
19,500
|
18,000
|
|
Total
|
36,300
|
35,000
|
|
Snow blowers:
|
|
|
|
Manual
|
29,800
|
30,000
|
|
Self-start
|
19,700
|
21,000
|
|
Total
|
49,500
|
51,000
|
|
Total inventory
|
$85,800
|
$86,000
|
Required: Compute the value of the ending inventory by applying the lower-of-cost-or-net realizable basis.
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