Martinez Company's ending inventory includes the following items. Cost per Market per Product Units Unit Unit Helmets 39 $ 61 $ 57 Bats 32 79 85 Shoes 53 98 102 Uniforms 57 43 43 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Inventory Items Units Cost Market Cost Helmets 99 39 69 61 $ 57 Bats 32 79 85 Shoes Uniforms 555 53 98 57 43 18 102 24 43 Total LCM Applied Market to Items

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.