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Tatem Products, Inc., uses the lower of cost or market rule in valuing its inventory....

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Question

Accounting

Tatem Products, Inc., uses the lower of cost or market rule in valuing its inventory. One unit has a ceiling constraint of $64.30. The following is other information concerning this unit:

Transportation costs

$ 3.20

Normal profit margin

10.50

Packaging costs

2.80

The selling price of this unit must be

a.

$54.60

b.

$56.80

c.

$63.30

d.

$70.30

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