Chapter 16, Problem 16.1BE

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GENERAL ACCOUNT - 32 On December 31, 2009, the end of the accounting period, Cruise Company has on hand 10,000 units of a resale item which cost $40 per unit when purchased on June 15, 2009. The selling price is $70 per unit. On December 30, 2009, the cost had dropped to $38 per unit. In view of the large quantity of units on hand, no purchases are anticipated in the next six to nine months. At what inventory amount should the 10,000 units be reported?

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Capaldo Music Center has five CD players on hand at the balance sheet date that cost $400 each. The current replacement cost is $350 per unit. Under the lower-of-cost-or-market basis of accounting for inventories, what value should Capaldo report for the CD players on the balance sheet? Why? [General Account]

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