Financial Accounting: Inventory Adjustment

Question

Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory?

Product Line Cost per Unit Market Value per Unit Quantity
Rustic            $735              $795                       260
Mediterranean 635               675                         370
Contemporary 985               720                         310

 

$30,400
$82,150
$36,150
$51,750

Answer 1

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