Need help with this accounting questions Media Plus Store has the following inventory data on December 31:Inventory ItemCost ($) Market ($)Gaming ConsolesVideo GamesAccessories15, 2009,3005,60014,8009,8505,100Using the Lower of Cost or Market (LCM) rule, calculate the total value of theinventory on December 31.

Step 1: Definition of Lower of Cost or Market (LCM) RuleThe Lower of Cost or Market (LCM) rule…

Answered: Media Plus Store has the following…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Media Plus Store has the following inventory data on December 31: Inventory Item Cost ($) Market ($) Gaming Consoles Video Games Accessories 15, 200 9,300 5,600 14,800 9,850 5,100 Using the Lower of Cost or Market (LCM) rule, calculate the total value of the inventory on December 31.