2. The inventory of Hendrix Company consists of five products as summarized below: Product Cost...
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2. The inventory of Hendrix Company consists of five products as summarized below: Product Cost $ 50,000 100,000 80,000 90,000 95,000 Estimated Selling Costs $ 15,000 30,000 15,000 15,000 14,000 Replacement Cost $ 55,000 97.000 70,000 95,000 92,000 Selling Price $ 100,000 120,000 90,000 100,000 110,000 The normal gross profit percentage is 20% of selling price. What value should Hendrix Company report for each of its products when applying the lower-of-cost-or-market (LCM) method
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