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QUESTION
Jones Company is preparing the annual financial statements dated December 31, 2015. Ending inventory information
Jones Company is preparing the annual financial statements dated December 31, 2015. Ending inventory information
about the five major items stocked for regular sale follows:
ENDING INVENTORY, 2015
ItemQuantity on HandUnit Cost When Acquired (FIFO)Replacement Cost
(Market) at Year-EndA 51$16 $13 B 8131 41 C 11 49 53 D 71 26 31 E 351 11 6
Required:Compute the valuation that should be used for the 2015 ending inventory using the LCM rule applied on an item-by-item basis.
