The following data is for Barker Industries as of December 31, 2011. Commodity I

Question

The following data is for Barker Industries as of December 31, 2011.

Commodity                Inventory Quantity              Unit Cost Price             Unit Market Price

Size 4                                  9                                   $17                           $19

Size 5                                  10                                  $17                            $14

Size 6                                  14                                  $23                            $20

Size 7                                  12                                  $13                            $15

Use the data above to determine the value of the inventory at the lower of cost or market.

Explanation / Answer

Answer:

A B C=A*B Commodity Inventory Quantity Unit Cost price Unit market price Lower of cost or market value Value of inventory @LCM Size 4 9 17 19 17 153 Size 5 10 17 14 14 140 Size 6 14 23 20 20 280 Size 7 12 13 15 13 156 Value = $729

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