mke electronics has the following products in its ending inventory. compute lower of cost or market for…

mke electronics has the following products in its ending inventory. compute lower of cost or market for inventory applied separately to each product.\nproduct quantity cost per unit market per unit\nphones 1,000 $300 $280\ntablets 1,100 $350 $375\n$685,000.\n$692,500.\n$385,000.\n$665,000.\n$300,000.

mke electronics has the following products in its ending inventory. compute lower of cost or market for inventory applied separately to each product.\nproduct quantity cost per unit market per unit\nphones 1,000 $300 $280\ntablets 1,100 $350 $375\n$685,000.\n$692,500.\n$385,000.\n$665,000.\n$300,000.

Answer

Explanation:

Step1: Calculate lower - of - cost - or - market for phones

For phones, cost per unit is $300 and market per unit is $280. The lower value per unit is $280. Total value for phones is $280×1000 = $280000.

Step2: Calculate lower - of - cost - or - market for tablets

For tablets, cost per unit is $350 and market per unit is $375. The lower value per unit is $350. Total value for tablets is $350×1100=$385000.

Step3: Calculate total lower - of - cost - or - market value

Add the values of phones and tablets. $280000 + $385000=$665000.

Answer:

$665000