Question

Ramps by Jake, Inc., manufactures skateboard ramps. The company uses independent sales representatives to market its products and pays a commission of 8% on each sale. Data regarding the five styles of ramps in the company’s inventory at December 31, 2014, follow. The normal profit margin on each style is expressed as a percentage of the item’s selling price.


Required:
Determine the appropriate inventory value to use for each item in the company’s December 31,
2014, inventory under U.S.GAAP.


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  • CreatedSeptember 10, 2014
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