Question: Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $30; replacement cost, $28; selling price, $40; selling

Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $30; replacement cost, $28; selling price, $40; selling costs, $4. The normal profit is 30% of selling price. What unit value should Ross use when applying the lower of cost or market (LCM) rule to ending inventory? Unit value

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