A Company Reported the Following Data Related to Its Ending

question 33

Essay

A company reported the following data related to its ending inventory:
$$\begin{array} { | l | l | r | r | } \hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \\\hline 849 & 100 & \$ 10 & \$ 11 \\\hline 842 & 75 & 16 & 14 \\\hline 847 & 60 & 14 & 13 \\\hline 860 & 40 & 16 & 20 \\\hline\end{array}$$ Calculate the lower-of-cost-or-market on the inventory applied separately to each product.

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Definitions:

Justification

The reasoning behind an action or statement that explains why it is reasonable or necessary.

Demanding Tone

A manner of speaking or writing that expresses a firm expectation that instructions will be followed or needs will be met.

Compliance

The act of adhering to guidelines, standards, or laws that are set by governments or other regulatory bodies.

Tone

The quality or attitude expressed in written or spoken communication, conveying the speaker's or writer's feelings or intentions.