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Help?!!! II. Rockport Animal F products. The individual products are listed...

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Accounting

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II. Rockport Animal F products. The individual products are listed individually among their categories o eeds has developed the following data to calculate lower of cost or market for its f feed (in thousands): Selling Price Cost Replacement Cost Large animals: Cattle Horse $320 400 $160 400 $170 325 Small animals: Cat Dog $360 120 $320 90 $280 40 Exotic pets: Ferret Iguana $140 70 $112 48 $ 98 21 The costs to sell are 20% of selling price and the normal profit margin on all feed is 25% of the selling price. Reguired: Using the form provided on the next page for your calculations, determine the reported inventory value assuming the Lower of Cost or Market rule is applied to: (a) Individual animal feed products (b) Categories of feed products (c) Total inventory

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