Lower-of-Cost-or-Market Riegel Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The

Question:

Lower-of-Cost-or-Market Riegel Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2011, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear below. Using the lower-of-cost-or-market rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2011, for each of the inventory items above.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...