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Manal Elkhoshkhany
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(Lower-of-Cost-or-Market) The inventory of 3T Company on December

Customer Question

(Lower-of-Cost-or-Market) The inventory of 3T Company on December 31, 2008, consists of the following items.

Part No. Quantity Cost per Unit Cost to Replace per Unit
110 600 $90 & nbsp; $100
111 1,000 60 52
112 500 80 76
113 200 170 180
120 400 205 208
121* 1,600 16 14
122 300 240 235

*Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.

Determine the inventory as of December 31, 2008, by the lower-of-cost-or-market method, applying this method directly to each item.
Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
Submitted: 7 years ago.
Category: Finance
Expert:  Manal Elkhoshkhany replied 7 years ago.

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