On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit.
|
Commodity
|
Inventory Quantity
|
Unit Cost Price
|
Unit Market Price
|
|
Buffal
|
35
|
$115
|
$120
|
|
Dakota
|
67
|
90
|
75
|
|
Frontier
|
8
|
300
|
280
|
|
Midwest
|
83
|
40
|
30
|
|
Rainbow
|
100
|
90
|
94
|