Cost per Market per Product Quantity Unit Unit Mountain bikes Skateboards 14 $ 630 $ 580 15 20 340 870 Gliders 410 830 Compute lower of cost or market for inventory applied separately to each product. LCM applied to each product Per Unit Total Inventory Items Units Cost Market Cost Market Mountain bikes $ 0 $ 0 Skateboards 0 0 Gliders 0 0 $ 0 $ 0 $ 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ames Trading Company has the following products in its ending inventory.
Product
Quantity
Mountain bikes
Skateboards
14
Cost per
Unit
$ 630
Market per
Unit
$ 580
15
20
340
870
Gliders
410
830
Compute lower of cost or market for inventory applied separately to each product.
Per Unit
Total
Inventory Items
Units
Cost
Market
Cost
Market
Mountain bikes
$
0 $
0
Skateboards
0
0
LCM applied to
each product
Gliders
$
0 $
0 $
0
Transcribed Image Text:Ames Trading Company has the following products in its ending inventory. Product Quantity Mountain bikes Skateboards 14 Cost per Unit $ 630 Market per Unit $ 580 15 20 340 870 Gliders 410 830 Compute lower of cost or market for inventory applied separately to each product. Per Unit Total Inventory Items Units Cost Market Cost Market Mountain bikes $ 0 $ 0 Skateboards 0 0 LCM applied to each product Gliders $ 0 $ 0 $ 0
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