Compute the lower-of-cost-or-market valuation for Gantner Company's total inventory based on the following: Inventory Categories Cost Data Market Value Data A $ 18 , 000 $ 16 , 900 B 13 , 900 14 , 600 C 21 , 000 20 , 500 \begin{array}{ccc} ext { Inventory Categories } & ext { Cost Data } & ext { Market Value Data }\\hline ext { A } & \$ 18,000 & \$ 16,900 \ ext { B } & 13,900 & 14,600 \ ext { C } & 21,000 & 20,500\end{array} Inventory Categories A B C Cost Data $18 , 000 13 , 900 21 , 000 Market Value Data $16 , 900 14 , 600 20 , 500

Question

Compute the lower-of-cost-or-market valuation for Gantner Company's total inventory based on the following:    Inventory Categories   Cost Data   Market Value Data   A  $ 18 , 000 $ 16 , 900  B  13 , 900 14 , 600  C  21 , 000 20 , 500 \begin{array}{ccc}	ext { Inventory Categories } &  	ext { Cost Data } &  	ext { Market Value Data }\\hline	ext { A }  &  \$ 18,000  &  \$ 16,900 \	ext { B }  &  13,900  &  14,600 \	ext { C }  &  21,000  &  20,500\end{array}  Inventory Categories   A   B   C  ​  Cost Data  $18 , 000 13 , 900 21 , 000 ​  Market Value Data  $16 , 900 14 , 600 20 , 500 ​ ​

Zybrea Knight · Accepted Answer

Final Answer :   Inventory  Cost Data  A $ 18 , 000  B  13 , 900  C 21 , 000  Total Valuation   Market Value Data   LCM  $ 16 , 900 $ 16 , 900 14 , 600 13 , 900 20 , 500 20 , 500 $ 51 , 300 \begin{array}{c}\begin{array}{cc} 	ext { Inventory }  &  	ext {Cost  Data } \\hline \mathrm{A}  &  \$ 18,000 \ 	ext { B }  &  13,900 \ 	ext { C}  &  21,000 \ & 	ext { Total Valuation }\end{array}\begin{array}{cc} 	ext { Market Value Data }  &  	ext { LCM } \\hline \$ 16,900  &  \$ 16,900 \ 14,600  &  13,900 \20,500  &  20,500\ & \$ 51,300 \\end{array}\end{array}  Inventory  A  B   C ​ Cost Data  $18 , 000 13 , 900 21 , 000  Total Valuation  ​ ​  Market Value Data  $16 , 900 14 , 600 20 , 500 ​  LCM  $16 , 900 13 , 900 20 , 500 $51 , 300 ​ ​ ​

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