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In December year 1, Johnny corporation produced three products that it still has in inventory at December 31, the end of its financial year. Information

In December year 1, Johnny corporation produced three products that it still has in inventory at December 31, the end of its financial year. Information about these products is as following:

Product Cost ($) Replacement cost ($) Selling price ($)

A 250 280 300

B 270 240 260

C 200 180 150

Johnny company estimates the selling costs is 10 percent of the selling price of each of these products

Required: Calculate the amount at which Johnny company should report its inventory in balance sheet on December 31, year 1

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