Jones Company is preparing the annual financial statements dated December 31, 2015. Ending inventory information
about the five major items stocked for regular sale follows:
ENDING INVENTORY, 2015
ItemQuantity on HandUnit Cost When Acquired (FIFO)Replacement Cost
(Market) at Year-EndA 51$16 $13 B 8131 41 C 11 49 53 D 71 26 31 E 351 11 6
Required:Compute the valuation that should be used for the 2015 ending inventory using the LCM rule applied on an item-by-item basis.
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