A Company Had the Following Ending Inventory Costs Instructions:
(A) Calculate the Lower of Cost or Market (LCM)value

Essay

A company had the following ending inventory costs:
$$\begin{array} { | l | l | c | c | } \hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \\\hline \text { A } & 10 & \$ 5 & \$ 6 \\\hline \text { B } & 50 & 8 & 7 \\\hline \text { C } & 35 & 10 & 11 \\\hline\end{array}$$
Instructions:
(a) Calculate the lower of cost or market (LCM)value for the inventory as a whole.
(b) Calculate the lower of cost or market (LCM)value for each individual item.