On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 7.
|
|
Inventory |
Unit |
Unit |
|
Commodity |
Quantity |
Cost Price |
Market Price |
|
62CF3 |
10 |
$120 |
$131 |
|
41DH2 |
35 |
80 |
75 |
|
O3MQ3 |
10 |
275 |
260 |
|
23FH6 |
16 |
40 |
28 |
|
10KT4 |
40 |
90 |
94 |