Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the inventory at the lower of cost or market.
|
Commodity
|
Inventory
Quantity
|
Unit
Cost Price
|
Unit
Market Price
|
|
Ash
|
80
|
$140
|
$125
|
|
Aspen
|
120
|
90
|
112
|
|
|
Beech
|
30
|
75
|
74
|
|
|
Maple
|
75
|
88
|
86
|
|
|
Oak
|
60
|
140
|
145
|
|
| |
|
Inventory at the Lower of Cost or Market
|
| |
|
Commodity
|
Total Cost
|
Total Market
|
Total Lower of C or M
|
|
Ash
|
$____
|
$____
|
$____
|
|
Aspen
|
____
|
____
|
____
|
|
Beech
|
____
|
____
|
____
|
|
Maple
|
____
|
____
|
____
|
|
Oak
|
____
|
____
|
____
|
|
Total
|
$____
|
$____
|
$____
|