Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow:

Description Inventory
Quantity Market Value per Unit (Net Realizable Value)
B12 38 $ 57
E41 18 180
G19 33 126
L88 18 550
N94 400 7
P24 90 18
R66 8 250
T33 140 20
Z16 15 752
Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows:

Last
Purchases Invoice Next-to-the-Last
Purchases Invoice

Description Quantity
Purchased Unit
Cost Quantity
Purchased Unit
Cost
B12 30 $ 60 30 $ 59
E41 35 178 20 180
G19 20 128 25 129
L88 10 563 10 560
N94 500 8 500 7
P24 80 22 50 21
R66 5 248 4 260
T33 100 21 100 19
Z16 10 750 9 745
Required:

Determine the inventory at cost and also at the lower of cost or market applied on an item-by-item basis, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows:

Insert the quantity and unit cost of the last purchase.
On the following line, insert the quantity and unit cost of the next-to-the-last purchase.
Total the cost and market columns and insert the lower of the two totals in the LCM column.