Exercise 9-4 (Algo) Lower of cost or market [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	$	22			$	92			$	52
Replacement cost		20				87				42
Selling price		42				122				77
Selling costs		8				44				11
Normal profit		7				32				14

Required: What unit values should Herman use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory?