1: Consider the following information for Booker Corp. at December 31, 2021: Cost Sales price Cost to complete and sell Product A $232,000 $207,000 $3,000 Product B 142,000 145,000 9,000 Product C 118,000 153,000 7,000 Using lower of cost or net realizable value applied to individual products, how much inventory will Booker report on its December 31, 2021 balance sheet?

2:

Given the historical cost of product CC-18 is $90, the selling price of product CC-18 is $100, costs to sell product CC-18 are $12, and the replacement cost for product Z is $95, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method?

Group of answer choices

$88

$90

$100

Cannot be determined from information provided.

$95

3:

The following data concerning the conventional retail inventory method are taken from the financial records of Harrison Company.

Cost

Retail

Beginning inventory

$ 98,000

$ 140,000

Purchases

448,000

640,000

Freight-in

12,000

Net markups

40,000

Net markdowns

28,000

Sales

672,000

What is the Ending inventory at cost?