Question: this is what i tried and it was wrong please tell me what I need to do instead Product Original cost replacement cost NRV NRV
this is what i tried and it was wrong please tell me what I need to do instead
| Product | Original cost | replacement cost | NRV | NRV less normal profit | profit | median(market) | lower of cost or market(min) | |
| A | $ | $26.00 | $35.50 | $27.30 | $8.20 | $27.30 | $26.00 | |
| B | $ | $44.00 | $41.00 | $31.00 | $10.00 | $41.00 | $31.00 | |
| C | $ | $123.00 | $178.00 | $118.00 | $60.00 | $123.00 | $118.00 | |
| D | $ | $15.60 | $23.00 | $17.40 | $5.60 | $17.40 | $15.60 |
The December 31, 2020 inventory of Wildhorse Company consisted of four products, for which certain information is provided below. Product A B Original Cost $28.00 $46.00 $128.00 $17.00 Replacement Cost $26.00 $44.00 $123.00 $15.60 Estimated Disposal Cost $5.50 $9.00 $22.00 $5.00 Expected Selling Price $41.00 $50.00 $200.00 $28.00 Normal Profit on Sales 20.00% 20.00% 30.00% 20.00% D Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2020. (Round answers to 2 decimal places, eg 5275.) Product A $ B $ $ D $
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