Question: PROBLEM 12-2. with clear explanation and formatting please. ASAP. Thank you! Problem 12-2 (AICPA Adapted) Prime Company manufactures and sells four products, the inventories of

PROBLEM 12-2. with clear explanation and formatting please. ASAP. Thank you!

PROBLEM 12-2. with clear explanation and formatting please. ASAP. Thank you! Problem

Problem 12-2 (AICPA Adapted) Prime Company manufactures and sells four products, the inventories of which are priced at cost or net realizable value whichever is lower. A normal profit of 30% is usually maintained on each product. The following information is compiled at year-end: Original Cost to Estimated Normal Product cost dispose selling price selling price 700 150 800 700 475 205 950 950 255 50 300 350 450 260 1,000 900 Required: Determine the unit value for each product applying the lower of cost and net realizable value in measuring inventory

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