Question: Ross Electronics has one product in its ending inventory. Per unit data consist of the following cost $26, replacement cost, $24; selling price $36, selling

Ross Electronics has one product in its ending inventory. Per unit data consist of the following cost $26, replacement cost, $24; selling price $36, selling costs, $5 The normal profit is 35% of selling price What unit value should Ross use when applying the lower of cost or market (LCM) rule to ending inventory? Answer is complete but not entirely correct. 26

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