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.
|
|
Inventory |
Unit |
Unit |
|
Commodity |
Quantity |
Cost Price |
Market Price |
|
TRP4 |
96 |
$29 |
$18 |
|
V555 |
200 |
13 |
14 |