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Riegel Company uses the lower-of-cost-or-market method, on

Resolved Question:

Riegel Company uses the lower-of-cost-or-market method, on an
Individual-item basis, in pricing its inventory items. The inventory
at December 31, 2011, consists of products D, E, F, G, H, and I.
Relevant per-unit data for these products appear below.

Item D Item E Item F Item G Item H Item I
Estimated selling proce $120 $110 $95 $90 $110 $90
Cost 75 80 80 80 50 36
Replacement cost 120 72 70 30 70 30
Estimated selling expense 30 30 35 35 30 30
Normal profit 20 20 20 20 20 20

Using the lower-of-cost-or-market rule, determine the proper unit value
for balance sheet reporting purposes at December 31, 2011 for each of
the inventory items above.
Submitted: 7 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 7 years ago.

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