2. Presented below is data relative to the 12/31/14 inventory of Lance Company: Number Units Original Cost Total Current Item In Inventory Per Unit Original Cost Replacement Cost A 5,000 $1.09 $5,450 $1.08 B 5,000 1.30 6,500 1.25 C 5,000 1.50 7,500 1.05 D 5,000 1.60 8,000 1.65 E 5,000 1.80 9,000 1.50 Total 25,000 $36,450 Appropriate Upper Lower Inventory Limit Limit Designated Valuation Item ("Ceiling") ("Floor") Market (Totals) A B C D E Total Additional Data: Selling price is $2.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 35% of selling price. Instructions Complete the last four columns above.

2. Presented below is data relative to the 12/31/14 inventory of Lance Company: Number Units Original Cost Total Current Item In Inventory Per Unit Original Cost Replacement Cost A 5,000 $1.09 $5,450 $1.08 B 5,000 1.30 6,500 1.25 C 5,000 1.50 7,500 1.05 D 5,000 1.60 8,000 1.65 5,000 1.80 9,000 1.50 Total 25,000 $36.450 Appropriate Upper Lower Inventory Limit Limit Designated Valuation Item ("Ceiling") "Floor") Market (Totals) A B C D Total Additional Data: Selling price is $2.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 35% of selling price. Instructions Complete the last four columns above