Exercise 9-4 (Algo) Lower of cost or market (L09-1) Herman Company has three products in...
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Accounting
Exercise 9-4 (Algo) Lower of cost or market (L09-1) Herman Company has three products in its ending inventory, Specific per unit data at the end of the year for each of the products are as follows: Product 1 $ 28 26 48 5 Product 2 $ 98 93 Cont Replacement cost Selling price Selling costs Normal profit Product 3 $58 46 60 10 20 128 30 38 13 Required: What unit values should Herman use for each of its products when applying the lower of cost or market (LCM) rule to ending Inventory? Per Unit Inventory Value Market NRV - NP NRV Product Replacement cost Cost 26 1 $ 93 2 3 28 98 58 48
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