(Solved) : Basis Following Data Determine Value Inventory Lower Cost Market Assemble Data Form Illust Q32858349 . . . .

On the basis of the following data, determine the value of theinventory at the lower of cost or market. Assemble the data in theform illustrated in Exhibit 9.

Inventory
Item

Inventory
Quantity

Cost per
Unit

Market Value per Unit
(Net Realizable Value)

Birch43$223$220Cypress9172162Mountain Ash33162148Spruce40146126Willow206138Inventory at the Lower of Cost or MarketCommodityTotal CostTotal MarketTotal Lower of C orMBirch$$$CypressMountain AshSpruceWillowTotal$

$

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for portable DVDplayers are as follows:

Apr. 1Inventory71 units @ $8410Sale51 units15Purchase37 units @ $8820Sale27 units24Sale13 units30Purchase31 units @ $92

The business maintains a perpetual inventory system, costing bythe first-in, first-out method.

Determine the cost of the merchandise sold for each sale and theinventory balance after