Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category. a.  Complete the table. Commodity Quantity Unit Cost Price Unit Market Price Total Cost Total Market Total Lower of Cost or Market A 35     $52     $55     $fill in the blank 1   $fill in the blank 2   $fill in the blank 3   B 20     155     150     fill in the blank 4   fill in the blank 5   fill in the blank 6   C 25     82     85     fill in the blank 7   fill in the blank 8   fill in the blank 9   D 40     58     55     fill in the blank 10   fill in the blank 11   fill in the blank 12   Total                   $fill in the blank 13   $fill in the blank 14   $fill in the blank 15   b.  Determine the amount of reduction in the inventory at April 30 attributable to market decline. $fill in the blank 16

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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  1.  

    Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category.

    a.  Complete the table.


    Commodity

    Quantity
    Unit Cost
    Price
    Unit Market
    Price

    Total Cost

    Total Market
    Total Lower of
    Cost or Market
    A 35     $52     $55     $fill in the blank 1   $fill in the blank 2   $fill in the blank 3  
    B 20     155     150     fill in the blank 4   fill in the blank 5   fill in the blank 6  
    C 25     82     85     fill in the blank 7   fill in the blank 8   fill in the blank 9  
    D 40     58     55     fill in the blank 10   fill in the blank 11   fill in the blank 12  
    Total                   $fill in the blank 13   $fill in the blank 14   $fill in the blank 15  

    b.  Determine the amount of reduction in the inventory at April 30 attributable to market decline.
    $fill in the blank 16

 

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