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: Cost Selling price Costs to sell Product 1 $37 91 10 Product 2 $107 171 74 Products $ 67 121 27 Required: 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 A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2021 Purchases to date Freight-in Sales to date $2,050,000 5,950,000 550,000 9,700,000 The gross profit ratio has averaged 30% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire. Estimated loss from fire