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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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.