07 Adaptive Study Plan x Cengage x CengegeNOWv2Online C Acco

07 Adaptive Study Plan- x-(: Cengage x CengegeNOWv2|Online C Accounting question |Chx ? -C Secure https://v2.cengagenow.com/im/takeAssignment/takeAssignment Main donnvoker:assignments&takeAssignmentSessi; assignment-take&inprogress; false Ch 7-2 Practice Exercises eBook Show Me How Calculator Print Item Lower-of-Cost-or-Market Method 1. PE.07-02 ALGO 2. ??.07.03.ALGO 3. PE.07-04A 4. PE.07-05 ALGO 5. PE.07-06.ALGO On the basis of the data shown below: Cost per Unit $24 12 Market Value per Unit (Net Realizable Value) S26 Inventory Item Quantity A13Y 8154 151 297 Determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 9. Check My Work 2 more Check My Work uses remaining. Previous Progress: 5/5 items

Solution

Calculation of value of inventory: Item Quantity (a) Cost Market value Lower of cost or market value (b) (a)*(b) A 151 24 26 24 3624 B 297 12 9 9 2673 Ening inventory value 6297 Value of inventory is $6297