Amulet Trading Co. has the following products inits ending inventory. Compute lo
ID: 2458160 • Letter: A
Question
Amulet Trading Co. has the following products inits ending inventory. Compute lower of cost or market for inventory(a) as a whole and (b) applied separately to eachproduct. (Omit the "$" sign in your response.)
Per Unit
Inventory Items
Units
Cost
Market
Mountain bikes
11
$ 600
$ 550
Skateboards
13
350
425
Gliders
26
800
700
LCM for inventory as awhole
$
LCM applied to eachproduct
$
Amulet Trading Co. has the following products inits ending inventory. Compute lower of cost or market for inventory(a) as a whole and (b) applied separately to eachproduct. (Omit the "$" sign in your response.)
Explanation / Answer
1
LCM for Inventory asa whole
Inventory Items
Units
Cost
Market
Historical
Cost
Net Realisable
Value
LCM
Mountain bikes
11
600
550
6600
6050
Skateboards
13
350
425
4550
5525
Gliders
26
800
700
20800
18200
$31,950
$29,775
$29,775
LCM for Inventoryas a whole
$29,775
2
LCM for Inventoryby each product
Inventory Items
Units
Cost
Market
Historical
Cost
Net Realisable
Value
LCM
Mountain bikes
11
600
550
6600
6050
6050
Skateboards
13
350
425
4550
5525
4550
Gliders
26
800
700
20800
18200
18200
$28,800
LCM for Inventoryby each Product
$28,800
1
LCM for Inventory asa whole
Inventory Items
Units
Cost
Market
Historical
Cost
Net Realisable
Value
LCM
Mountain bikes
11
600
550
6600
6050
Skateboards
13
350
425
4550
5525
Gliders
26
800
700
20800
18200
$31,950
$29,775
$29,775
LCM for Inventoryas a whole
$29,775
2
LCM for Inventoryby each product
Inventory Items
Units
Cost
Market
Historical
Cost
Net Realisable
Value
LCM
Mountain bikes
11
600
550
6600
6050
6050
Skateboards
13
350
425
4550
5525
4550
Gliders
26
800
700
20800
18200
18200
$28,800
LCM for Inventoryby each Product
$28,800
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