On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch  100 $125 $120 Cypress 75   100  108   Mountain Ash  80 90   86 Spruce  130   74   80 Willow  60  105  98     Inventory at the Lower of Cost or Market   Inventory Item Total Cost Total Market Total Lower of C or M Birch $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Cypress fill in the blank 4 fill in the blank 5 fill in the blank 6 Mountain Ash fill in the blank 7 fill in the blank 8 fill in the blank 9 Spruce fill in the blank 10 fill in the blank 11 fill in the blank 12 Willow fill in the blank 13 fill in the blank 14 fill in the blank 15 Total $fill in the blank 16 $fill in the blank 17 $fill in the blank 18

Q: 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and…

A: A perpetual inventory system is a contemporary way to manage a business's inventory. The system for…

Q: . How much is the ending inventory in terms of quantity?   a. 621  c. 695  b. 471  d. 74    2. How…

A: FIFO Method :— Under this method, beginning inventory and old purchases is used for output or sales…

Q: On the basis of the following data, determine the value of the inventory at the lower of cost or…

A: Inventory is valued at lower of cost or net realizable value. Here the market value is net…

Q: The inventory valuation method that has the advantages of assigning an amount to inventory on the…

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…

Q: Under which inventory cost flow assumption is the cost of the most recent purchases likely to remain…

A: Inventory valuation methods include: First-in first-out (FIFO) Method  Last-in first-out (LIFO)…

Q: Using the lower of cost or market, what should the total inventory value be for the following items:…

A: Note: Under the Lower of Cost or Market method, inventory is valued at the lower the cost of the…

Q: On the basis of the following data, determine the value of the inventory at the…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: On the basis of the following data, determine the value of the inventory at the…

A: Inventories are recognized lower of cost or market. This rule is applied to inventory item-wise.…

Q: Identify the inventory costing method (SI, FIFO, LIFO, or WA) best described by each of the…

A: Each inventory valuation methods possesses its own uniqueness that will affect the financial…

Q: Inventory on the Balance Sheet On the basis of the following data, determine the value of the…

A:

Q: If the inventory is valued at cost and the price level is steadily increasing, which type of…

A: Under FIFO, goods that are purchased initially are sold first, however, under LIFO it is assumed…

Q: On the basis of the following data, determine the value of the inventory at the lower of cost or…

A: Working Note:

Q: Please refer both the images

A: Lower of cost or market value:

Q: Rank the following inventory methods in terms of their record-keeping cost.  For answer choices, the…

A: LIFO stands for the last in first out, it is a method of valuing the inventory which the company is…

Q: Determine ending inventory using the dollar-value LIFO inventory method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: Smmons Inc. uses the lower of cost on meket method to valesinventory that is accounted or using he…

A: Inventory valuation method includes: First-in, First-Out (FIFO) Last-in, Last-Out (LIFO) Average…

Q: On the basis of the following data, determine the value of the inventory at the…

A: Note: Under the Lower of cost or Market method, inventory is valued at the lower of the Cost of the…

Q: On the basis of the data shown below: Item Inventory Quantity Cost per Unit Market Value per Unit…

A: As per  lower of cost or market method, we need to consider inventory value at lower of market value…

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Cost per Market Value…

A: The principle is inventory should be valued at lower or cost of reliasable value which ever is lower…

Q: Assuming that the price the company pays for inventory is increasing, which method will:

A: The appropriate answer is shown below

Q: with information on the attached image Required: 1. The carrying amount of the total inventory of…

A: Inventory: Inventory is the value of units of goods purchased or manufactured, which are held during…

Q: During the period of increasing prices,

A: FIFO states that the inventory purchased first would be sold first. In the case of rising prices, in…

Q: Required: 1. Complete the…

A: "Since you have posted multiple questions with multiple sub parts,we will provide the solution only…

Q: Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the…

A: Workings: Calculation of Total costs: Total cost = Inventory Quantity x Cost per unit. Birch = (24 x…

Q: The Alpha Company uses the retail inventory method for valuation of its inventory. If an item had a…

A: Formula: Price change = Final price - initial price Initial price to be deducted from final price to…

Q: answer must be in proper format if that ok i will give upvote

A: The lower-of-cost-or-market (LCM) method is an inventory valuation approach that companies use to…

Q: Under which of the following inventory costing methods is the ending inventory based on the costs of…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below:   Item InventoryQuantity…

A: If the value of the inventory falls below its original cost before a company can sell it, companies…

Q: Explain the inventory cost flow assumption: FIFO, LIFO, weighted average. Provide examples.

A: The company will purchase the inventory, and it will be sold more than its cost to earn revenue for…

Q: On the basis of the following data, determine the value of the inventory at the lower of cost or…

A: Introduction:- Calculation of inventory valuation as follows under:- Formula Cost or Market…

Q: The maintains a perpetual inventory systemDetermine the cost of goods sold for each sale and the…

A:

Q: One must consider the percentage completion of the units in beginning inventory under the…

A: Two methods are used for computing the equivalent units of production, one is the weighted average…

Q: The inventory costinf method that best matches current costs with the current revenues is the 1)…

A: The objective of the question is to identify the inventory costing method that best matches current…

Q: The following information is taken from a company’s records. Applying the lower-of-cost-or-market…

A: Inventory is usually valued at its cost or net realizable value, whichever is lower. Cost includes…

Q: You are given the following data in relation to two items held in inventory. Item A Item B Purchase…

A: Inventory should be recorded on the cost. The inventory shall be revalued on the balance sheet date.…

Q: When using the periodic inventory system and weighted-average inventory costing method, when is the…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Required: Hemming uses a perpetual inventory system.    3. Compute the gross margin for FIFO method…

A: First in First out Method (FIFO) This method is using for valuation of the inventory of the company.…

Q: On the basis of the data shown below: Item Inventory Quantity Cost per Unit Market Value per Unit…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: On the basis of the data shown below: Item Inventory Quantity Cost per Unit Market Value per Unit…

A: Lower of cost or market  is a method of valuing inventory either baed on the historical cost or the…

Q: lying lower-of-cost-and-net-realizable-value to the following data. em Cost Price/Unit Market…

A: Inventories should be valued at the lower of cost and net realizable value.Net realizable value…

Q: Hunt Enterprises has the following inventory information available: Product Category Cost Selling…

A: Under lower of cost or market methods, the business records the inventory at the lower value…

Q: Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the…

A: Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method that requires the reporting…

Q: Identify the inventory costing method (SI, FIFO, LIFO, or WA) best described by each of the…

A: The relevant inventory valuation methods are listed as per the given information.

Q: Under which inventory cost flow assumption is the cost of the most recent purchase matched first…

A: >There are various method that can be sued to record the flow of cost to match with the sales…

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.