On the basis of the following data, determine the value of the inventory at the lower of cost or market Commodity

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.


Commodity
Inventory
Quantity
Unit
Cost Price
Unit
Market Price
C300 77 $40 $39
F679 115 8 9
K200 3,180 3 2
MN23 190 29 26
XX51 226 19 18



Answer:


Commodity
Inventory
Quantity
Unit
Cost
Price
Unit
Market
Price
Total
Cost Market
Lower of
C or M
C300 77 $40 $39 $ 3,080 $ 3,003 $ 3,003
F679 115 8 9 920 1,035 920
K200 3,180 3 2 9,540 6,360 6,360
MN23 190 29 26 5,510 4,940 4,940
XX51 226 19 18 4,294 4,068 4,068
Total $23,344 $19,406 $19,291