On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit 7.
|
|
Inventory |
Unit |
Unit |
|
Commodity |
Quantity |
Cost Price |
Market Price |
|
C17Y |
10 |
$ 39 |
$40 |
|
B563 |
7 |
110 |
98 |