Herman Company has three products in its ending inventory. Specific per...
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Accounting
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: Cost Replacement coat Selling price Selling costs Normal profit Product ! $.25 23 45 7 Product 2 $ 95 90 125 39 35 Product 3 $ 55 45 67 13 17 10 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 Cont Replacement cost NRV NRY - NP Market Per Unit Inventory Value 5 $ 2 3 1988 25 $ 95 55 23 90 45
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