E9-1 (Lower-of-Cost-or-Market)The inventory of 3T Company on December 31, 2014, consists of the following items.

 Part No. Quantity Cost Per Unit Cost to Replace per Unit 110 600 \$90 \$100.00 111 1,000 60 \$52.00 112 500 80 \$76.00 113 200 170 \$180.00 120 400 205 \$208.00 121 1,600 16 \$14.00 122 300 240 \$235.00

Part No. 121 is obsolete and has a realizable value of each as scrap:  \$0.20

 Part No. Quantity Per Unit Cost Market Total Cost Total Market Lower of Cost or Market 110 600 \$90 \$100.00 111 1,000 60 52.00 112 500 80 76.00 113 200 170 180.00 120 400 205 208.00 121 1,600 16 14.00 122 300 240 \$235.00 Totals

Instructions:

Complete the table above by inserting the correct values or formulas into the yellow highlighted cells. From this data, answer the following two questions:

(a)Determine the inventory as of December 31, 2014, by the lower-of-cost-or-market method, applying this method directly to each item.

The valuation of inventory as of December 31, 2014, by the lower of cost or market method, as applied directly to each item is:

(b)Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.

The valuation of inventory as of December 31, 2014, by the lower of cost or market method, as applied to total inventory is:

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