Data on the ending inventory of Jannis Company on 2009 December 31, are:
|
Item |
Quantity |
Unit Cost |
Unit Market |
|
1 |
8,400 |
$3.20 |
$3.12 |
|
2 |
16,800 |
2.88 |
3.04 |
|
3 |
5,600 |
2.8 |
2.88 |
|
4 |
14,000 |
3.84 |
3.6 |
|
5 |
11,200 |
3.6 |
3.68 |
|
6 |
2,800 |
3.04 |
2.88 |
a. Compute the ending inventory applying the LCM method to the total inventory.
b. Determine the ending inventory by applying the LCM method on an item-by-item basis.