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1. Given the acquisiton cost of product z is $82, the net realizable value for product Z is $56, the normal profit for product Z is $11, and the market value (replacement cost) for product Z is $59, what is the proper per unt inventory price for product Z using LCNRV? price for product Z using LCM 2. What is the proper per unit Use for 3-4 3. Al 12/31/17, the end of Leo Company's first year of business, inventory was $8,700 and $7,300 at cost and at market, respectively. Prepare the entry at 12/31/17 necessary to implement the lower-of-cost-or-market procedure assuming Jenner uses a contra account for its balance sheet 4. At 12/3118, inventory was $7,750 and $7,000 at cost and at market, respectively. Prepare the entry at 12/31/18 necessary to implement the lower-of-cost-or-market Use for 5-6 On August 31, a hurricane destroyed a retail location of Chelsea Stores including the entire inventory on hand at the locaton The inventory on hand as of June 30 totaled $560,000. Since June 30 until the sme of the hurricane, the company made purchases of $250,000 and had sales of $425,000. if sales are made at 35% above cost, what is the approximate value of the inventory hat was destroyed? 5 6. What is the approxdimate cost of the inventory that was desroyed, assuming that the gross profit is 40% of sales. 7. During the prior fiscal year, Lindon Inc. signed a long-term nancancellable purchase commitment with its primary supplier to purchase $2.3 million of raw matorials. Lindon paid the $2.3 milion to acquire the raw materials when the raw materials were only worth $1.8 milion. Assume that the purchase commitment was properly recorded. What is the jourmal entry to record the purchase? Use for 8-10 ROUND ALL RATIOS TTYO DECIMALS FOR CORRECT The following data conceming the retail inventory methad are taken from the financial records of Blake Company $128,000 - 364,000 15,000 Retal 180,000 520,000 Beginning inventory Purchases Freight-in Net markups Net markdowns Sales 25,000 11,000 571,000