Bryant Company had the following inventory at the end of the year: Valves: Model Q Model R Model S Gaskets: Model Alpha Model Beta Model Gamma Quantity Cost of Ending Inventory: 190 130 200 $0 90 50 30 Unit Price Cost $10 7 8 65 60 100 Market $12 5 10 Bryant Company uses the lower of cost or market method (LCM) to value its inventory. Required: Determine the cost of ending inventory by using the lower of cost or market method applied to each item of inventory. 60 65 105

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bryant Company had the following inventory at the end of the year:
Valves:
Model Q
Model R
Model S
Gaskets:
Model Alpha
Model Beta
Model Gamma
Quantity
Cost of Ending Inventory:
190
130
200
$0
90
50
30
Unit Price
Cost
$10
7
8
65
60
100
Market
$12
5
10
Bryant Company uses the lower of cost or market method (LCM) to value its inventory.
Required:
Determine the cost of ending inventory by using the lower of cost or market method applied to each item of inventory.
60
65
105
Transcribed Image Text:Bryant Company had the following inventory at the end of the year: Valves: Model Q Model R Model S Gaskets: Model Alpha Model Beta Model Gamma Quantity Cost of Ending Inventory: 190 130 200 $0 90 50 30 Unit Price Cost $10 7 8 65 60 100 Market $12 5 10 Bryant Company uses the lower of cost or market method (LCM) to value its inventory. Required: Determine the cost of ending inventory by using the lower of cost or market method applied to each item of inventory. 60 65 105
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