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 10.ProductInventoryQuantityCost PerUnitMarket Value per Unit(Net Realizable Value)Class 1: Model A 25$113 $127 Model B 13 274 289 Model C 17217 195 Class 2: Model D 31 70 59 Model E 39 61 45 Question Content Areaa. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory.Inventory at the Lower of Cost or Market ProductInventoryQuantityCostper UnitMarket Valueper Unit(Net RealizableValue)CostMarketLower ofCost orMarketModel AModel A$Model A$Model A$Model A$Model A$Model AModel BModel BModel BModel BModel BModel BModel BModel CModel CModel CModel CModel CModel CModel CModel DModel DModel DModel DModel DModel DModel DModel EModel EModel EModel EModel EModel EModel ETotalblankblankblank$Total$Total$Total Question Content Areab. Determine the value of the inventory at the lower of cost or market applied to each class of inventory.Inventory at the Lower of Cost or MarketProductInventoryQuantityCostper UnitMarket Valueper Unit(Net RealizableValue)CostMarketLower ofCost orMarketClass 1:blankblankblankblankblankblankModel AModel A$Model A$Model A$Model A$Model AblankModel BModel BModel BModel BModel BModel BblankModel CModel CModel CModel CModel CModel CblankSubtotalblankblankblank$Subtotal$Subtotal$SubtotalClass 2:blankblankblankblankblankblankModel DModel DModel DModel D$Model D$Model DblankModel EModel EModel EModel EModel EModel EblankSubtotalblankblankblank$Subtotal$SubtotalSubtotalTotalblankblankblank$Total$Total$Total Question Content Areac. Determine the value of the inventory at the lower of cost or market applied to total inventory.Inventory at the Lower of Cost or MarketProductInventoryQuantityCostper UnitMarket Valueper Unit(Net RealizableValue)CostMarketLower ofCost orMarketModel AModel A$Model A$Model A$Model A$Model AblankModel BModel BModel BModel BModel BModel BblankModel CModel CModel CModel CModel CModel CblankModel DModel DModel DModel DModel DModel DblankModel EModel EModel EModel EModel EModel EblankTotalblankblankblank$Total$Total$Total

a. Inventory at the Lower of Cost or Market Product Inventory Quality Cost Per unit in…

Answered: a. Determine the value of the inventory…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 40E: Identify items missing in determining cost of goods sold For (a) through (e), identify the items...

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Product	Inventory Quantity	Cost Per Unit	Market Value per Unit (Net Realizable Value)
Class 1:
Model A	25	$113	$127
Model B	13	274	289
Model C	17	217	195
Class 2:
Model D	31	70	59
Model E	39	61	45

Question Content Area

a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory.

Inventory at the Lower of Cost or Market

Product	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)	Cost	Market	Lower of Cost or Market
Model A	Model A	$Model A	$Model A	$Model A	$Model A	$Model A
Model B	Model B	Model B	Model B	Model B	Model B	Model B
Model C	Model C	Model C	Model C	Model C	Model C	Model C
Model D	Model D	Model D	Model D	Model D	Model D	Model D
Model E	Model E	Model E	Model E	Model E	Model E	Model E
Total	blank	blank	blank	$Total	$Total	$Total

Question Content Area

b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory.

Inventory at the Lower of Cost or Market

Product	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)	Cost	Market	Lower of Cost or Market
Class 1:	blank	blank	blank	blank	blank	blank
Model A	Model A	$Model A	$Model A	$Model A	$Model A	blank
Model B	Model B	Model B	Model B	Model B	Model B	blank
Model C	Model C	Model C	Model C	Model C	Model C	blank
Subtotal	blank	blank	blank	$Subtotal	$Subtotal	$Subtotal
Class 2:	blank	blank	blank	blank	blank	blank
Model D	Model D	Model D	Model D	$Model D	$Model D	blank
Model E	Model E	Model E	Model E	Model E	Model E	blank
Subtotal	blank	blank	blank	$Subtotal	$Subtotal	Subtotal
Total	blank	blank	blank	$Total	$Total	$Total

Question Content Area

c. Determine the value of the inventory at the lower of cost or market applied to total inventory.

Inventory at the Lower of Cost or Market

Product	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)	Cost	Market	Lower of Cost or Market
Model A	Model A	$Model A	$Model A	$Model A	$Model A	blank
Model B	Model B	Model B	Model B	Model B	Model B	blank
Model C	Model C	Model C	Model C	Model C	Model C	blank
Model D	Model D	Model D	Model D	Model D	Model D	blank
Model E	Model E	Model E	Model E	Model E	Model E	blank
Total	blank	blank	blank	$Total	$Total	$Total

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