Scenario: On the basis of the following data, determine the value of the invento

Question

Scenario:

 

 

 

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in an excel template A-D column headers as below, and E - G with Cost, Market, Lower of C or M:

 

 

Commodity       Inventory Quantity     Unit Cost Price    Unit Market Price

 

Aquarius              20                   $80                        $92

Capricorn            50                    $70                        $65

Leo                  8                        $300                       $280

Scorpio           30                       $40                           $30

Taurus          100                        $90                           $94

 

 

 

I read the section on this twice, but I just was not catching on. Please Help and Thank You!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          Total   Commodity Inventory Quantity Unit Cost Price Unit Market Price Cost Market Lower of Cost or Market   62CF3               41DH2               O3MQ3               23FH6               10KT4                         Total                            

Explanation / Answer

Inventory Unit cost price Cost price unit market price market price LCM Aquarius 20 $80 $1,600 $92 $1,840 $1,600 Capicorn 50 $70 $3,500 $65 $3,250 $3,250 Leo 8 $300 $2,400 $280 $2,240 $2,200 Scorpio 30 $40 $1,200 $30 $900 $900 Taurus 100 $90 $9,000 $94 $9,400 $9,000

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