Exercise 9-1 Lower of cost or net realizable value [LO9-1] Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows:

Product 1

Product 2

Product 3

Cost

$

37

$

107

$

67

Selling price

91

171

121

CostsRequired: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory?

Product	Cost	NRV	Per Unit Inventory Value
1
2
3

to sell

10

74

27