Lower-of-Cost-or-Market MethodOn the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, asshown in Exhibit 10.Item Inventory QuantityJFW1SAW9X69131Cost per Unit$5026Market Value per Unit(Net Realizable Value)$4530 ItemEchoFoxtrotSierraTangoTotalClass 1:EchoFoxtrotSubtotalClass 2:SierraTangoSubtotalTotalEchoFoxtrotSierraTangoTotalInventory Cost perQuantityUnit400120600280400120600280400120600280$10.2522.508.0014.00$10.2522.508.0014.00$10.2522.508.0014.00Market Valueper Unit(Net Realizable Value)$9.5024.107.7514.75$9.5024.107.7514.75$9.5024.107.7514.75Cost$4,1002,7004,8004,6503,920 4,130$15,520 $15,472Exhibit 10Determining Inventory at Lower of Cost or Market (LCM)$ 4,8003,920Market$4,100 $ 3,8002,7002,892$ 6,800$6,692$4,100.2,700$ 3,8002,892$ 4,6504,130$8.720 $8,780$15,520 $15,472$ 3,8002,8924,8004,6503,9204,130$15.520 $15472Lower ofCost or Market(LCM)$ 3,8002,7004,6503,920$15,070$ 6,6928,720$15,412$15,472(1)AppliedIndividual Itemby Item(2)Applied Classby Class(3)Applied inTotal

Name: Lower-of-Cost-or-Market MethodOn the basis of the following data, det
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Lower-of-Cost-or-Market MethodOn the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, asshown in Exhibit 10.Item Inventory QuantityJFW1SAW9X6