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85. Lower-of-cost-or-market. Determine the proper unit inventory price in the following independent cases by applying the lower of cost or market rule. Circle your choice.
85. Lower-of-cost-or-market.
Determine the proper unit inventory price in the following independent cases by applying the lower of cost or market rule. Circle your choice.
1 2 3
4 5
| Cost | $8.05 | $10.50 | $11.75 | $5.00 | $7.20 |
| Net realizable value | 8.85 | 9.80 | 12.20 | 4.25 | 6.90 |
| Net realizable value less normal | 8.15 | 9.00 | 11.40 | 3.75 | 5.70 |
| profit |
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|
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| Market replacement cost | 7.90 | 10.10 | 12.50 | 3.80 | 5.40 |
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