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Kingbird Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information...

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Accounting

Kingbird Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31,2025.
\table[[Item,Quantity,Unit Cost,\table[[Replacement],[Cost/Unit]],\table[[Estimated Selling],[Price/Unit]],\table[[Completion & Disposal],[Cost/Unit]],\table[[Normal Profit],[Margin/Unit]]],[A,1,400,$8.48,$9.49,$11.87,$1.70,$2.03
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