A Company Had the Following Ending Inventory Costs

question 108

Essay

A company had the following ending inventory costs:
Required:
Calculate the lower of cost or market (LCM)value for each individual item.

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Definitions:

Innocent Misrepresentation

A false statement made by one party to another without knowing it was false, which may lead to the rescission of a contract.

Material

Important. In securities law, a fact is material if a reasonable person would consider it important in his decision to purchase shares or to vote shares.

Rescind

To withdraw, negate, or overturn a law, order, or agreement.

Asserted

Stated with confidence or declared strongly, typically without providing evidence or proof.