PLEASE TELL ME THE CEILING [NRV], THE REPLACE COST, AND THE FLOOR [NRV - PROFIT MARGIN] FOR EACH DESK.

THIS WILL TELL US WHAT IS THE MARKET VALUE ( I KNOW YOU PICK THE MIDDLE VALUE)

COMPARE THE MARKET TO THE COST.

WHAT IS THE COST?

Lower-of-Cost-or-Market Illustration: Remmers Company manufactures desks. The company attempts to obtain a 20% gross margin on selling price. At December 31, 2014, the following finished desks appear in the company's inventory. B $450 Finished Desks 2014 catalog selling price FIFO cost per inventory list 12/31/14 Estimated current cost to manufacture (at December 31, 2014, and early 2015) Sales commissions and estimated other costs of disposal 2015 catalog selling price C $900 830 610 $480 450 430 470 D $1,050 960 1,000 460 60 50 500 80 900 540 130 1.200 The 2014 catalog was in effect through November 2014, and the 2015 catalog is effective as of December 1, 2015. Instructions: At what amount should each of the four desks appear in the company's December 31, 2015, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-market approach for valuation of inventories on an individual-item basis? LO1 9-13