E6-18 On the basis of the following data, determine the value of the inventory a
ID: 2455287 • Letter: E
Question
E6-18 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 9. 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
Unit Unit Total Inventory Cost Market Commodity Quantity Price Price Cost Market LCM Buffalo 35 $115 $120 Dakota 67 90 75 Frontier 8 300 280 Midwest 83 40 30 Rainbow 100 90 94 Total need totals for Cos Market and LCMExplanation / Answer
Unit Unit Total Inventory Cost Market Commodity Quantity (a) Price (b) Price© Cost (a*b) Market (a*c) LCM Buffalo 35.00 115.00 120.00 4,025.00 4,200.00 4,025.00 Dakota 67.00 90.00 75.00 6,030.00 5,025.00 5,025.00 Frontier 8.00 300.00 280.00 2,400.00 2,240.00 2,240.00 Midwest 83.00 40.00 30.00 3,320.00 2,490.00 2,490.00 Rainbow 100.00 90.00 94.00 9,000.00 9,400.00 9,000.00 Total 24,775.00 23,355.00 22,780.00
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