In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine...
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Accounting
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases, under the lower-of-cost-or-market rule.
Cases
1
2
3
4
5
Cost
$16.70
$15.10
$16.80
$17.30
$18.00
Net realizable value
14.40
16.80
14.10
9.70
18.70
Net realizable value less normal profit
12.90
15.20
12.59
8.00
17.30
Market (replacement cost)
16.00
18.50
11.10
8.60
18.90
Cases
Unit Inventory price
1
$____
2
$____
3
$_____
4
$___
5
$___
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