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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

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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