Q1. MARC CORP HAS THE FOLLOWING PRELIMINARY INVENTORY DATA AT DEC 31, 2013 INVENTORY COST 32000

500

MARK RECORDED THE FOLLOWING ADJUSTING ENTRY TO FINALIZE THE 2013 FS:

LOSS DUE TO MARKET DECLINE OF INVENTORY                                       150

                          INVENTORY ALLOWANCE                                                                     150

REQUIRED: WHAT IS THE INVENTORY MARKET VALUE AT 12/31/13     

Q2. TEXAS CORP HAS THE FOLLOWING INVENTORY DATA FOR 2014

BEGINNING UNITS                                                                                               3500

ENDING UNITS                                                                                                      6500

COST IN EXCESS OF MARKET PER/UNIT AT BEG 2014                                         5

REPLACEMENT COST PER UNIT AT END OF 2014                                               49

2014 REDUCTION IN GP ASSOCIATED WITH LCM                                        12500

REQUIRED: WHAT IS INVENTORY COST PER UNIT AT DEC 31. 2014 

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