accounting experts only please!!!

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