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 9 of Survey of Accounting by Carl S. Warren.
Commodity Inventory Quantity Unit Cost Price Unit Market Price
Aquarius 20 $80 $92
Capricorn 50 70 65
Leo 8 300 280
Scorpio 30 40 30
Taurus 100 90 94
This solution illustrates how to compute the lower of cost or market value on inventory under different conditions.