Martinez Company\'s ending inventory includes thefollowing items. Compute the lo
ID: 2458193 • Letter: M
Question
Martinez Company's ending inventory includes thefollowing items. Compute the lower of cost or market for endinginventory (a) as a whole and (b) appliedseparately to each product. (Omit the "$" sign in yourresponse.)
Per Unit
LCM applied to
Inventory Items
Units
Cost
Market
Total Cost
Total Market
Products
Whole
Helmets
22
$47
$51
$
$
$
Bats
15
75
69
Shoes
36
92
88
Uniforms
40
33
33
$
$
$
$
Lower of cost or marketof inventory as a whole
$
Lower of cost or marketof inventory by product
$
Martinez Company's ending inventory includes thefollowing items. Compute the lower of cost or market for endinginventory (a) as a whole and (b) appliedseparately to each product. (Omit the "$" sign in yourresponse.)
Explanation / Answer
Inventory Items
Units
Cost
Market
Total Cost
Total Market
LCM applied to
Products
Whole
Helmets
22
47
51
1034
1122
1034
Bats
15
75
69
1125
1035
1035
Shoes
36
92
88
3312
3168
3168
Uniforms
40
33
33
1320
1320
1320
$5,666
$5,610
$5,522
$5,610
LCM of Inventory as a whole
$5,610
LCM of Inventory by product
$5,522
Inventory Items
Units
Cost
Market
Total Cost
Total Market
LCM applied to
Products
Whole
Helmets
22
47
51
1034
1122
1034
Bats
15
75
69
1125
1035
1035
Shoes
36
92
88
3312
3168
3168
Uniforms
40
33
33
1320
1320
1320
$5,666
$5,610
$5,522
$5,610
LCM of Inventory as a whole
$5,610
(whicever is lesser $5666 or$5610)LCM of Inventory by product
$5,522
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