Question: In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases, under

In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases, under the lower-of-cost-or-market rule. (Round answers to 2 decimal places, e.g. 52.75.)





Cases


1
2
3
4
5
Cost
$17.90
$18.20
$15.20
$15.30
$14.90
Net realizable value
14.40
17.00
16.00
11.10
15.60
Net realizable value less normal profit
12.70
15.20
14.45
9.50
14.20
Market (replacement cost)
16.70
19.40
14.30
10.40
16.50

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