Lower of Cost or Market Valuation
Determine the proper carrying value of the following inventory items.
|
|
|
Replacement |
Sales |
Selling |
Normal |
|
Item |
Cost |
Cost |
Price |
Expenses |
Profit |
|
Product 561 |
$3.05 |
$3.00 |
$3.50 |
$0.35 |
$0.20 |
|
Product 562 |
0.69 |
0.72 |
1.00 |
0.30 |
0.04 |
|
Product 563 |
0.31 |
0.24 |
0.43 |
0.15 |
0.07 |
|
Product 564 |
0.92 |
0.70 |
1.05 |
0.27 |
0.05 |
|
Product 565 |
0.84 |
0.82 |
1.00 |
0.19 |
0.09 |
|
Product 566 |
1.19 |
1.25 |
1.43 |
0.13 |
0.09 |