Kimmel Financial Accounting 7e tice Assignment Gradebook ORI

Kimmel, Financial Accounting, 7e tice Assignment Gradebook ORION ment Brief Exercise 6-7 Sadowski Video Center accumulates the following cost and market data at December 31. Inventory Categories Cost DataMa Camcorders DVDs $10,397 8,205 10,193 $11,577 8,815 8,703 dy Compute the lower-of-cost-or-market valuation for Sadowski inventory The lower-of-cost-or-market value SHOW LIST OF ACCOUNTS erved. A Division of MacBook Air FI 0 F2 F3 F4

Solution

6-7)

Valuation of Sadowski inventory on the basis of “lower of cost or market value” :

Inventory categories

Valuation of inventory $

Cameras

10397       (cost data)

Camcorders

8205          (cost data)

DVDs

8703         (market data)

Total inventory value =

27305

Inventory categories	Valuation of inventory $
Cameras	10397       (cost data)
Camcorders	8205          (cost data)
DVDs	8703         (market data)
Total inventory value =	27305