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Northridge Company has two products in its inventory. Information about the December 31, 2021, inventory...

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Accounting

Northridge Company has two products in its inventory. Information about the December 31, 2021, inventory is as follows:

Product

Total Cost

Total Replacement Cost

Total Net Realizable Value

101

$120,000

$110,000

$100,000

102

90,000

85,000

110,000

The normal profit is 20% of total cost.

Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products.

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