A Company Reported the Following Data Related to Its Ending

Essay

A company reported the following data related to its ending inventory:
$$\begin{array} { | l | l | c | c | } \hline \text { Product } & \text { Units Available } & \text { Cost } & \text { Market } \\\hline 849 & 100 & \$ 10 & \$ 11 \\\hline 842 & 75 & 16 & 14 \\\hline 847 & 60 & 14 & 13 \\\hline 860 & 40 & 16 & 20 \\\hline\end{array}$$
Calculate the lower-of-cost-or-market on the:
(a)Inventory as a whole and
(b)inventory applied separately to each product.