Martinez Company's ending inventory includes the following items. Cost per Market per Product Helmets Bats Units Unit Unit 29 $ 57 $ 61 22 85 79 Shoes 143 98 Uniforms 47 43 102 43 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total Inventory Items Units LCM Applied to Items Cost Market Cost Market Helmets 29 $ 57 $ 61 Bats 22 85 179 Shoes 43 102 98 Uniforms 47 43 43

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...
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Martinez Company's ending inventory includes the following items.
Cost per
Market per
Product
Helmets
Bats
Units
Unit
Unit
29
$ 57
$ 61
22
85
79
Shoes
143
98
Uniforms
47
43
102
43
Compute the lower of cost or market for ending inventory applied separately to each product.
Per Unit
Total
Inventory Items
Units
LCM Applied to
Items
Cost
Market
Cost
Market
Helmets
29
$
57
$
61
Bats
22
85
179
Shoes
43
102
98
Uniforms
47
43
43
Transcribed Image Text:Martinez Company's ending inventory includes the following items. Cost per Market per Product Helmets Bats Units Unit Unit 29 $ 57 $ 61 22 85 79 Shoes 143 98 Uniforms 47 43 102 43 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total Inventory Items Units LCM Applied to Items Cost Market Cost Market Helmets 29 $ 57 $ 61 Bats 22 85 179 Shoes 43 102 98 Uniforms 47 43 43
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