Posted: December 17th, 2015

Olsson Video Center accumulates the following cost and market data at December 31.Compute the lower-of-cost-or-market valuation for Olsson inventory.

Olsson Video Center accumulates the following cost and market data at

December 31.Compute the lower-of-cost-or-market valuation for Olsson inventory. (Determine the LCM valuation. (SO 4), AP)

Inventory                    Cost                            Market

Categories                   Data                Data

Cameras                      $12,500                      $13,400

Camcorders                 9,000              9,500

DVDs                          13,000                         12,200