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EX 7-11

Lower-of-cost-or market

inventory

obj. 6

✔ LCM: $16,990

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 8.

Inventory Unit Unit

Commodity Quantity Cost Price Market Price

Aquarius 20 $ 80 $ 92

Capricorn 50 70 65

Leo 8 300 280

Scorpio 30 40 30

Taurus 100 90 94

Ex. 7-11

Unit

Price Cost Market

0

0 0 0

0 0 0

8

0

0 0 0

30

30 0 0 0

0 0 0

Total 0 0 0

																																																																																																																																																																																																																																																																																													Exercise 7-11		Name:
	Section:
	Enter the appropriate amount or item in the shaded cells.
An asterisk (*) will appear next to an incorrect entry in the gray outlined cells.
	Unit					Total
Inventory		Cost		Market	Lower
Commodity				Quantity		Price	of C or M
Aquarius	2																																																																																																												0	$	8	$92
Capricorn	50	70	65
Leo			30	280
Scorpio	40
Taurus	100	90	94

Enter the lower of the total cost or the total market value.
Enter the total market value of this commodity.
Enter the total cost of this commodity.

Pr. 7-3A

Name:

Section:

Enter the appropriate amount or item in the shaded cells.

Quantity

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

Total 0

Model Quantity Unit Cost Total Cost
BB900 0 0 0
0 0 0
C911 0 0 0
L100 0 0 0
N201 0 0 0
0 0 0
Q73 0 0 0
0 0 0
Z120 0 0 0
ZZRF 0 0 0
0 0 0
Total 0

Model Quantity Unit Cost Total Cost
BB900 0 0 0
C911 0 0 0
L100 0 0 0
N201 0 0 0
Q73 0 0 0
Z120 0 0 0
ZZRF 0 0 0
Total 0

Problem 7-3A
An asterisk (*) will appear to the right of an incorrect amount in the outlined cells.
1. First-In, First-Out Method (list most recent purchases first for each item)
		Model			Unit Cost			Total Cost
		BB900
		C911
		L100
		N201
		Q73
		Z120
		ZZRF
2. Last-In, First-Out Method (list oldest purchases first for each item)
3. Average Cost Method
4. a. Enter your response below.
4. b. Enter your response below.

Ending inventory is composed of 30 units. Place the most recently purchased units on this line.
Ending inventory is composed of 4 units. Place the most recently purchased units on this line.
Ending inventory is composed of 4 units. Place the most recently purchased units on this line.
Ending inventory is composed of 7 units. Place the most recently purchased units on this line.
Ending inventory is composed of 30 units. Place the “oldest” units on this line.
Ending inventory is composed of 4 units. Place the “oldest” units on this line.
Ending inventory is composed of 7 units. Place the “oldest” units on this line.
Ending inventory is composed of 12 units. Place the “oldest” units on this line.
Under the average cost method, the unit cost is the average cost of the units available during the period. This is determined by adding the total cost of the beginning inventory to the total cost of each purchase. Then divide by the total number of units in beginning inventory and the purchases to find the average cost per unit.