Application of Lower of Cost or Market Rule

Taylor Inc. has the following information for six inventory items, reported using the retail method, on June $30.$ The normal profit margin is $30\%$ of selli

Required

a$.$ Determine the inventory cost to report on the balance sheet on June $30$ assuming that the company applies the lower of cost or market value rule $t$

$.$ Per Unit

Total

Total

Cost

to Cost Replacement Total

Sell per Cost Replacement

Ceiling

Floor

Market

Cost

Lower of