A) Calculate the value of inventory using lower of cost or market per item.
Fill in the missing values in the table, enter 0 for any zero entries.
| Aloha Aloha Inventory |
||||||
| Item | Quantity | Unit Cost |
Market Price |
Total Cost |
Total Market |
LCM by Item |
| Hawaiian Shirts |
130 | $8 | $13 | $ | $ | $ |
| Surfboards | 37 | $21 | $28 | $ | $ | $ |
| Snorkel Masks |
35 | $5 | $11 | $ | $ | $ |
| Totals | $ | $ | $ |
B) What amount should be reported for inventory on the balance sheet?
C) What adjustment amount, if any, would be necessary? If no adjustment amount is necessary, enter 0.