Check my work Herman Company has three products in its ending inventory. Specific per unit...
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Accounting
Check my work Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 Product 3 Cost Replacement cost Selling price Selling costs Normal profit $ 31 29 51 8 16 Product 2 $101 96 131 30 41 $ 61 51 65 9 23 Required: What unit values should Herman use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Product NRV NRV - NP Market 1 Cost Replacement cost $ 31 s 29 101 96 61 51 $ 62 Per Unit Inventory Value $ 30 91 61 2 91 3 82
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