On April 1, Robert LLC purchased two units of inventory, A and B. The cost of unit A was $655, and the cost of unit B was $555. On April 30, Robert LLC had not sold the inventory. The market value of unit A was now $670 while the market value of unit B was $470. The adjustment associated with the lower-of-cost-or-market method on April 30 will be:
Cost of Goods Sold 70
Inventory 70
Inventory 70
Cost of Goods Sold 70
Cost of Goods Sold 85
Inventory 85
Inventory 85
Cost of Goods Sold 85
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Home » Business » On April 1, Robert LLC purchased two units of inventory, A and B. The cost of unit A was $655, and the cost of unit B was $555. On April 30, Robert LLC had not sold the inventory.