INTERMEDIATE ACCOUNTING1 CHAPTER 9 PROBLEMS Problem 1 The December 31, 2017 inventory of Gwynn Company consisted of four products, for which certain information is provided below. Replacement Estimated Expected Normal Proft Selling Priceon Sales CostDisposal Cost $22.00 Original Cost $24.00 $42.00 $120.00 $19.00 Product S6.50 $10.00 $25.00 $4.00 S40.00 S48.00 $190.00 $26.00 20% 25% 30% 10% S40.00 $115.00 $15.80 Instructions: Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 201