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Part No. 121 is obsolete and has a realizable value of each as scrap:  $0.20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