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Martinez Company's ending inventory includes the following items. Product Helmets Bats Shoes Uniforms Units 24 17 38 42 Inventory Items Units Helmets Bats Shoes Uniforms Compute the lower of cost or market for ending inventory applied separately to each product. Cost per Market per Unit Unit $50 $ 54 72 91 36 24 17 38 42 78 95 36 Per Unit Cost Market $ 50 $ 54 78 72 95 91 36 36 Cost Total Market LCM Applied to Items

Martinez Company's ending inventory includes the following items. Product Helmets Bats Shoes Uniforms Units 24 17 38 42 Inventory Items Units Helmets Bats Shoes Uniforms Compute the lower of cost or market for ending inventory applied separately to each product. Cost per Market per Unit Unit $50 $ 54 72 91 36 24 17 38 42 78 95 36 Per Unit Cost Market $ 50 $ 54 78 72 95 91 36 36 Cost Total Market LCM Applied to Items

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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Martinez Company's ending inventory includes the following items. Cost per Unit $ 50 78 95 36 Product Helmets Bats Shoes Uniforms Units 24 17 38 42 Compute the lower of cost or market for ending inventory applied separately to each product. Inventory Items Units Helmets Bats Shoes Uniforms Market per Unit $ 54 72 91 36 24 17 38 42 Per Unit Cost Market $ 50 $ 54 78 72 95 91 36 36 Cost Total Market LCM Applied to Items
Transcribed Image Text:Martinez Company's ending inventory includes the following items. Cost per Unit $ 50 78 95 36 Product Helmets Bats Shoes Uniforms Units 24 17 38 42 Compute the lower of cost or market for ending inventory applied separately to each product. Inventory Items Units Helmets Bats Shoes Uniforms Market per Unit $ 54 72 91 36 24 17 38 42 Per Unit Cost Market $ 50 $ 54 78 72 95 91 36 36 Cost Total Market LCM Applied to Items
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