Question
QUESTION 4 Jenks Company developed the following information about its inventories in applying the lower of...
QUESTION 4 Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market $114,000 $120,000 80,000 76,000 160,000 162,000 If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be O $354,000. $358,000. $350,000. $362,000.
Answers
Cost of inventory under lcm
Lower of cost or market should be considered
= 114,000 + 76,000 + 160,000
= 350,000
Option C is the answer
Comment if you face any issues. Thank you
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