Your answer is incorrect. The inventory of 3T Company on December 31, 2014, cons

Question

Your answer is incorrect. The inventory of 3T Company on December 31, 2014, consists of the following items. Part No. 121 is obsolete and has a realizable value of $0.75 each as scrap. Determine the Inventory as of December 31, 2014, by the lower-of-cost-or-market method, applying this method directly to each item. Inventory as of December 31, 2013_________Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the Inventory. Inventory as of December 31, 2013___________

Explanation / Answer

81120

part no. quantity cost mv cost or mv(lower) value 110 650 135 150 135 87750 111 1040 90 78 78

81120

112 540 120 114 114 61560 113 220 255 270 255 56100 120 500 308 312 308 154000 121 1600 scrap @ .75 1200 122 390 360 353 353 137670 value on 31.12.13 579400

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