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Determine the value of the ending inventory

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Reference no: EM132156920

Question - The following information pertains to Hagen Metal Work's ending inventory for the current year:

Item

Quantity

Unit Cost

Unit Market Value

C

90

$24

$16

D

75

22

20

K

40

25

28

M

22

15

17

Required -

a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual item and (2) the inventory in aggregate.

b. Calculate the adjustment required under both methods, assuming the decline in value is immaterial.

Reference no: EM132156920

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