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In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases, under
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases, under the lower-of-cost-or-market rule.
Cases | |||||||||||
1 | 2 | 3 | 4 | 5 | |||||||
Cost | $14.20 | $13.90 | $17.50 | $14.60 | $13.70 | ||||||
Net realizable value | 16.10 | 17.10 | 14.40 | 8.80 | 18.80 | ||||||
Net realizable value less normal profit | 14.30 | 15.50 | 13.16 | 7.20 | 17.20 | ||||||
Market (replacement cost) | 14.00 | 19.60 | 12.00 | 8.30 | 14.80 |
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Cases | |||||||||||
1 | 2 | 3 | 4 | 5 | |||||||
Unit inventory price | $ | $ | $ | $ | $ |
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