Completion & Disposal Cost/Unit Normal Profit Estimated Price/Unit $11.87 10.62 8.14 7.12 7.57 Unit Selling Replacement Cost/Unit Item Quantity Cost 1,400 1,100 1,300 1,300 1,700 Margin/Unit $8.48 9.27 6.33 4.29 7.23 $9.49 8.93 6.10 4.75 7.12 $1.70 1.02 1.30 0.90 0.79 $2.03 1.36 0.68 1.70 1.13 Greg Forda is an accounting clerk in the accounting department of Novak Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant. (a) Calculate the lower-of-cost-or-market using the individual-item approach Lower-of-Cost-or-Market (Per unit basis) Item A Item B Item C Item D Item E