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 |
|
E662 |
215 |
$30 |
$28 |
|
C11R |
741 |
22 |
26 |