Applying the Lower of Cost or Market to Each Item

question 149

Essay

Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items?​ $$\begin{array} { | c | c | c | c | c | c | } \hline \text { Item } & \begin{array} { c } \text { Inventory } \\\text { Quantity }\end{array} & \begin{array} { c } \text { Cost per } \\\text { Unit }\end{array} & \begin{array} { c } \text { Market } \\\text { value per } \\\text { Unit }\end{array} & \begin{array} { c } \text { T otal } \\\text { Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Market }\end{array} \\\hline \text { A } & 300 & \$ 15.00 & \$ 14.50 & \$ 4,500 & \$ 4,350 \\\hline \text { B } & 200 & 14.00 & 15.00 & 2,800 & 3,000 \\\hline \text { C } & 100 & 17.00 & 17.50 & 1,700 & 1,750 \\\hline\end{array}$$

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Definitions:

Lookup List

A collection or database designed for easy searching and retrieval of information.

Explanation Property

A feature or aspect of an object or system that provides clarification, definition, or insight into its nature or behavior.

Validation Rule

A set of criteria that data must meet before being accepted into a database field, ensuring data integrity and accuracy.

Multivalued Field

A type of database field that can hold multiple values within a single record, contrasting with conventional fields that hold a single value.