Lower-Of-Cost-Or-Market. the December 31, 2014 Inventory of Gwynn Company Consisted of of Four

Essay

Lower-of-cost-or-market.
The December 31, 2014 inventory of Gwynn Company consisted of four products, for which certain information is provided below.
Instructions
Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2014.