Your assistant has compiled the following data:
|
Item |
Quantity (units) |
Unit Cost |
Unit Market |
Total Cost |
Total Market |
|
A |
300 |
$57.60 |
$55.20 |
$17,280 |
$16,560 |
|
B |
300 |
28.8 |
33.6 |
8,640 |
10,080 |
|
C |
900 |
21.6 |
21.6 |
19,440 |
19,440 |
|
D |
500 |
12 |
13.2 |
6,000 |
6,600 |
Calculate the dollar amount of the ending inventory using the LCM method, applied on an item-by item basis, and the amount of the decline from cost to lower-of-cost-or-market.