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Question
The following basic inventory data for April 30 are for a business that employs the lower-of-cost-or-market basis of inventory valuation to each item.
| Total | ||||||
| Commodity | Inventory Quantity | Cost per Unit | Market Value per Unit | Cost | Market | LCM |
| A | 35 | $ 52 | $ 55 | _______ | _______ | _______ |
| B | 20 | 155 | 150 | _______ | _______ | _______ |
| C | 25 | 82 | 85 | _______ | _______ | _______ |
| D | 40 | 58 | 55 | _______ | _______ | _______ |
a. Complete the table.
b. Determine the amount of reduction in the inventory at April 30 attributable to market decline.
Answer
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