Lower of Cost or Market The following information for the Tuell Company is available:
|
Case |
|||||
|
1 |
2 |
3 |
4 |
5 |
|
|
Cost |
$5.00 |
$5.00 |
$5.00 |
$5.00 |
$5.00 |
|
Net realizable value |
5.1 |
5.5 |
4.8 |
4.2 |
4.7 |
|
Net realizable value less normal profit |
4.8 |
5.3 |
4.7 |
4 |
4.6 |
|
Replacement cost |
5.3 |
5.2 |
4.6 |
4.1 |
4.8 |
Required
What is the correct inventory value in each of the preceding situations?