Lower of Cost or Market Valuation
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1) Assume that AG on December 29 invests into a very current investment of $10,000. The maturity is 30 days from investment. It will earn 90 dollars of interest revenue in the 30 days.
2) The inventory purchases were (in order of purchases) 10,000 units at $1.00/unit, 5,000 units at $2.00/unit, and 20,000 unit's at.50cents/unit. AG uses FIFO method for inventory. AG incorporates the Lower of Cost or Market in determining ending inventory. Assume that the market value of the inventory suggested a value of $8,000.
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Solution Summary
Utilize the Lower of Cost or Market Valuation to determine, which method to use for the ending inventory value.
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