Question

Basic inventory data for April 30 are presented below for abusiness that employs the lower of cost or market basis ofinventory valuation. Unit Unit Total Cost Market Lower of Commodity-Quantity- Price Price Cost C or M

A 30 $ 46 $ 49 _______ _______

B 15 165 161 _______ _______

C 25 80 87 _______ _______

D 30 55 50 _______ _______

(a) Complete the table.

(b) Determine the amount of reduction in the inventory at April30 attributable to market decline.