A Company Had the Following Ending Inventory Costs Required:
Calculate the Lower of Cost or Market (LCM)value for |

question 48

Essay

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

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Definitions:

Ju/'hoansi

A group of San people living in the Kalahari Desert of Namibia and Botswana, known for their hunter-gatherer lifestyle and rich cultural traditions.

Owner Of Game

Refers to the entity or individual who possesses the legal rights or ownership of a game or video game title.

Surplus Production

The generation of goods or food that exceeds the immediate needs of the population, allowing for distribution, trade, and the development of commerce.

Agriculturalists

People who practice agriculture, cultivating soil, producing crops, and raising livestock for subsistence or economic gain.