Lower-of-Cost-or-Market (LCM) Method The Crane Company had the following inventory at year-end:
| Unit Price | |||
|---|---|---|---|
| Quantity | Cost | Market | |
| Desks | |||
| Model 9001 | 70 | $250 | $270 |
| Model 9002 | 45 | 340 | 328 |
| Model 9003 | 20 | 410 | 420 |
| Cabinets | |||
| Model 7001 | 120 | 120 | 124 |
| Model 7002 | 80 | 155 | 148 |
| Model 7003 | 50 | 190 | 186 |
Required
Determine the value of ending inventory after applying the lower-of-cost-or-market method to each item of inventory.
Applying the lower-of-cost-or-market method to each item of the inventory results in an ending inventory amount of $
