(Answered) Question - ross company had the following inventory at the

Accounting

Question - Ross Company had the following inventory at the end of the year:

	Quantity	Unit Price
	Quantity	Cost	Market
Valves:
Model Q	180	$11	$9
Model R	150	10	12
Model S	120	7	9
Gaskets:
Model Alpha	60	100	105
Model Beta	30	85	90
Model Gamma	90	90	95

Ross Company uses the lower of cost or market method (LCM) to value its inventory.

Required: Determine the cost of ending inventory by using the lower of cost or market method applied to each category of inventory.

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