A Company Had the Following Ending Inventory Costs Instructions:
(A) Calculate the Lower of Cost or Market (LCM)

question 4

Essay

A company had the following ending inventory costs:
$\begin{array}{|l|l|c|c|}\hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \\\hline \text { A } & 10 & \$ 5 & \$ 6 \\\hline \text { B } & 50 & 8 & 7 \\\hline \text { C } & 35 & 10 & 11 \\\hline\end{array}$ Instructions:
(a) Calculate the lower of cost or market (LCM) value for the inventory as a whole.
(b) Calculate the lower of cost or market (LCM) value for each individual item.

---

Definitions:

Neglect

Neglect involves failing to care for or attend to someone or something properly, often leading to adverse effects or deterioration.

Evidence of Burns

Indicators or signs on the body that suggest the occurrence of burns, such as discoloration, blisters, or damaged skin.

Unusual Places

Locations that are out of the ordinary, unique, or unexpected in some way.

Abuse

The improper usage or treatment of an entity, often to unfairly or improperly gain benefit.