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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Solution Inventories are assets held for sale in the ordinary course of business in the process of p... View the full answer