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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. $ 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

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

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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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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