Product Units Cost per Unit Market per Unit Helmets 40 $ 62 $ 58 Bats 33 80 112 Shoes 54 99 103 Uniforms 58 44 44 Compute the lower of cost or market for ending inventory applied separately to each product.

Helmet = $2,320

Bats = $2,640

Shoes = $5,346

Uniforms = $2,552

Explanation:

The accounting standard accounting for inventories (IAS 2) states that inventory should be initially recognized at cost. Subsequently, Inventory is to be carried at the lower of cost or net realizable value.

The net realizable value is sometimes estimated as the market value.

For Helmets

Cost = $62 Market value = $58

Lower value = $58

Number of units = 40

Ending inventory value = $58 × 40 = $2,320

For Bats

Cost = $80 Market value = $112

lower value = $80

Number of units = 33

Ending inventory value = $80 × 33 = $2,640

For Shoes

Cost = $99 Market value = $103

Lower value = $99

Number of units = 54

Ending inventory value = $99 × 54 = $5,346

For Uniforms

Cost = $44 Market value = $44

Lower value = $44

Number of units = 58

Ending inventory value = $44 × 58 = $2,552

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