QS 5-23 (Algo) Applying LCM to inventories LO P2 Ames Trading Company has the following products in its ending inventory. Cost per Market per Unit Unit Product Mountain bikes Skateboards Gliders Inventory Items Quantity 11 15 15 Mountain bikes Skateboards Gliders Compute lower of cost or market for inventory applied separately to each product. $ 730 310 730 Units Per Unit Cost Market $ $ 700 360 670 $ Cost Total $ 0 0 0 0 $ Market 0 9 0 0 LCM applied to each product $ 0

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Chapter1: Financial Statements And Business Decisions
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QS 5-23 (Algo) Applying LCM to inventories LO P2
Ames Trading Company has the following products in its ending inventory.
Cost per Market per
Unit
Unit
Product
Mountain bikes
Skateboards
Gliders
Inventory Items
Quantity
11
15
15
Mountain bikes
Skateboards
Gliders
Compute lower of cost or market for inventory applied separately to each product.
Units
$ 730
310
730
Per Unit
Cost
Market
$
$700
360
670
$
Cost
Total
0 $
0
O
0 $
Market
0
9
0
0
LCM applied to
each product
$
0
Transcribed Image Text:QS 5-23 (Algo) Applying LCM to inventories LO P2 Ames Trading Company has the following products in its ending inventory. Cost per Market per Unit Unit Product Mountain bikes Skateboards Gliders Inventory Items Quantity 11 15 15 Mountain bikes Skateboards Gliders Compute lower of cost or market for inventory applied separately to each product. Units $ 730 310 730 Per Unit Cost Market $ $700 360 670 $ Cost Total 0 $ 0 O 0 $ Market 0 9 0 0 LCM applied to each product $ 0
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