Tailspin Trading Co. has the following products in its ending inventory. Compute lower of cost or…

Tailspin Trading Co. has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to each product.

Product                                                Quantity                              Cost per Unit                      Market per Unit

Mountain bikes . . . . . . . .              9                                             $360                                      $330

Skateboards . . . . . . . . . . .             12                                           210                                        270

Gliders . . . . . . . . . . . . . . .               25                                           480                                        420

 

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