Question: Can anyone help with this problem? And show how you got your answer? Thanks! Lynn Corporation has two products in its ending inventory, each accounted
Lynn Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 30% on selling price is considered normal for each product. Specific data with respect to each product follows: Product #1 Product #2 Replacement cost Estimated cost to dispose....5 18.0027.00 5.00... 13.00 In pricing its ending inventory using the lower of cost or market, what unit values should Lynn use for products #1 and #2, respectively as the designated market
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