In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine...
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Accounting
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases, under the lower-of-cost-or-market rule.
| Cases | |||||||||||
| 1 | 2 | 3 | 4 | 5 | |||||||
| Cost | $16.70 | $15.10 | $16.80 | $17.30 | $18.00 | ||||||
| Net realizable value | 14.40 | 16.80 | 14.10 | 9.70 | 18.70 | ||||||
| Net realizable value less normal profit | 12.90 | 15.20 | 12.59 | 8.00 | 17.30 | ||||||
| Market (replacement cost) | 16.00 | 18.50 | 11.10 | 8.60 | 18.90 | ||||||
| Cases | |||||||||||
| Unit Inventory price | 1 | $____ | 2 | $____ | 3 | $_____ | 4 | $___ | 5 | ||
$___
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