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

question 227

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:

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