Blossom Inc. has the following information related to an item in its ending inventory. Product 66 has a cost of $130, a replacement cost of $120, a net realizable value of $128, and a normal profit margin of $12. What is the final lower-of-cost-or-market inventory value for product 66?

$120.

$128.

$130.

$118.

A markup of 13% on cost is equivalent to what markup on selling price?

88.50%

11.50%

87.00%

13.00%

For 2020, cost of goods available for sale for Carla Vista Corporation was $5200000. The gross profit rate on sales was 20%. Sales for the year were $4700000. What was the amount of the ending inventory?

$940000.

$0.

$1040000.

$1440000.

Given the historical cost of product Z is $29, the selling price of product Z is $34, costs to sell product Z are $3, the replacement cost for product Z is $30, and the normal profit margin is 40% of sales price, what is the market value that should be used in the lower-of-cost-or-market comparison?

$30.

$31.

$29.

$27.