A company had the following ending inventory costs: 
Instructions:
(a) Calculate the lower of cost or market (LCM) value for the inventory as a whole.
(b) Calculate the lower of cost or market (LCM) value for each individual item.
Definitions:
Binding
In legal terms, describing an agreement or contract that is legally enforceable by law.
Theory Z
A management philosophy that stresses employee participation in all aspects of company decision making.
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