Exercise 9-4 (Static) 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 $ 20 18 Cost Replacement cost Selling price Selling costs Normal profit Product 2 $ 90 85 120 40 30 Product 3 $ 50 40 70 10 12 40 6 5 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? Product Cost Replacement cost NRV NRV - NP Market Per Unit Inventory Value EA 1 2 20 $ 90 50 18 85 40 3