Question #17 Using the lower the cost or market method, determine the value of ending inventory. Set up showing the lower limit, upper limit, market...

Question #17

Using the lower the cost or market method, determine the value of ending inventory.

       Set up showing the lower limit, upper limit, market or limit column, and LCM

      column.

      Item          Cost   Replacement cost    Sales price    Selling expense   Normal profit

                                      (market)

      #30         1.94           1.90                      2.30              .50                          .30

      #40         1.75           1.65                      2.40              .60                          .20

      #50         1.40           1.50                      2.50              .65                          .10