Abel Company had 3 machines in its December 31, 2021 inventory. Information on the machines is as following

Machine Number 72-798, 83-786, 53-304. Original Cost $13,500, 16,000, 24,000 Replacement cost 17,000, 12,000, 25,000 Est. selling Price 20,000, 18,000, 23,000

Abel pays a commission equal to 10% of sales to the salesman that sells a machine. The typical net profit on sales is 20%. Use the space below to compute (1) the inventory value under the lower of cost or market method on item-by- item basis and (2) the inventory value under the lower of cost or market method on an aggregate basis.

Abel Company had 3 machines in its December 31, 2021 inventory. Information on the machines is as follows: Abel pays a commission equal to 10% of sales to the salesman that sells a machine. The typical net profit on sales is 20%. Use the space below to compute (1) the inventory value under the lower of cost or market method on item-byitem basis and (2) the inventory value under the lower of cost or market method on an aggregate basis. Abel Company had 3 machines in its December 31,2021 inventory. Information on the machines is as follows: Abel pays a commission equal to 10% of sales to the salesman that sells a machine. The typical net profit on sales is 20%. Use the space below to compute (1) the inventory value under the lower of cost or market method on item-byitem basis and (2) the inventory value under the lower of cost or market method on an aggregate basis