Basic Inventory Data for April 30 Are Presented Below for a Business

question 13

Essay

Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category.? $\begin{array}{cccccccc}& \text { Inventory }& \text { Cost per unit }& \text { Market value per unit}&& \text { Total }\\\text { Commodity } & \text { Ouantity } & \text { Unit } & \text { per Unit } & \text { Cost } & \text { Market } & \text { LCM } \\\hline \text { A } & 35 & \$ 52 & \$ 55 & \_\_\_\_\_\_\_& \_\_\_\_\_\_\_& \_\_\_\_\_\_\_ & \\\text { B } & 20 & 155 & 150 & \_\_\_\_\_\_\_& \_\_\_\_\_\_\_& \_\_\_\_\_\_\_ & \\\text { C } & 25 & 82 & 85 & \_\_\_\_\_\_\_& \_\_\_\_\_\_\_& \_\_\_\_\_\_\_ & \\\text { D } & 40 & 58 & 55 & \_\_\_\_\_\_\_& \_\_\_\_\_\_\_& \_\_\_\_\_\_\_ & \\\end{array}$ (a)Complete the table.
(b)?Determine the amount of reduction in the inventory at April 30 attributable to market decline.

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Definitions:

Area Chart

An area chart is a type of graph used in statistics to represent quantitative data. It is similar to a line chart, but the area between the line and the axis is filled with color or shading to highlight volumes.

Logical Function

A function that applies logical operators on its arguments to return Boolean values; used in programming and mathematical contexts.

IF

A conditional statement used in programming that executes a specific block of code if a specified condition is true.

OR

In statistics, 'OR' typically refers to the odds ratio, a measure of association between two binary outcomes.