Exercise 5 7 Lower of cost or market L.O. P2
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Ripken Company’s ending inventory includes the following items. |
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| Product | Units | Cost | Market | ||
| Helmets | 34 | $ | 56 | $ | 52 |
| Bats | 27 | 74 | 80 | ||
| Shoes | 48 | 93 | 97 | ||
| Uniforms | 52 | 38 | 38 | ||
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Compute the lower of cost or market for ending inventory applied separately to each product. (Omit the “$” sign in your response.) |
| Product | LCM applied to products |
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| Helmets | $ | |
| Bats | ||
| Shoes | ||
| Uniforms | ||
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| Total inventory at LCM | $ | |
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