Ames Trading Co. has the following products in its ending inventory.

Product Quantity Cost per Unit Market per Unit
Mountain bikes 11 $ 600 $ 550
Skateboards 13 350 425
Gliders 26 800 700

Compute lower of cost or market for inventory applied separately to each product.

Mountain bikes $6,050

Skateboards $4,550

Gliders $18,200

Explanation:

The accounting standard for Inventory under IFRS IAS 2 requires that inventory be recognized at cost which includes all the cost incurred to bring the item of inventory to a state or place where the item of inventory becomes available for sale.

These costs includes cost of purchase, freight, Insurance cost during transit etc.  

Subsequently, inventory is to be carried at the lower of cost or net realizable value.

Product                       Quantity         Cost per Unit         Market per Unit

Mountain bikes                11                    $ 600                     $ 550

Skateboards                     13                   $ 350                     $ 425

Gliders                              26                   $ 800                    $ 700

Using  lower of cost or market for inventory applied separately to each product

Product                       Quantity        Lower of Cost or market per Unit      

Mountain bikes                11                    $ 550                    

Skateboards                     13                   $ 350                    

Gliders                              26                   $ 700  

Ending inventory balance for;

Mountain bikes = 11 * $550

= $6,050

Skateboards = 13 * $350

= $4,550

Gliders = 26 * $700

= $18,200

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rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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