2009-03-22_055531_Linda_1 - Question 1 Martinez Companys...

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Question 1 Martinez Company’s ending inventory includes the following items. Compute the lower cost or market for ending inventory (a) as a whole and (b) applied separately to each product. Per Unit Product Units Cost Market Helmes 24 $50 $54 Bates & nbsp; 17 78 72 Shoes 38 95 91 Uniforms 42 36 36 Per UnitTotalTotalLCM applied toInventory ItemsUnitCostMarketCostMarketProductsWholeHelmets24$50$54$1,200$1,296$1,200Bats...................1778721,3261,2241,224Shoes.................3895913,6103,4583,458Uniforms..........4236361,5121,5121,512.$7,648$7,490$7,394$7,490
b.Lower of cost or market of inventory by product=
Question 2 Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs.

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