Question: Question 7 In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following

Question 7 In some instances, accounting principles require a departure from

Question 7 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. Cases Cost Net realizable value Net realizable value less normal profit Market (replacement cost) $14.50 15.70 14.10 16.30 2 $14.80 20.20 18.70 19.00 $15.30 14.00 12.56 13.00 4 $15.40 8.90 7.40 10.10 5 $16.30 14.50 12.70 16.10 Cases 2 5 Unit inventory price g

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