intermediate accounting

Ryan Ray Cookware, Inc. has unfinished woks in its inventory with a sales value of $60,000. The company estimates that it will have to spend $12,000 to complete production of these woks. Historically, fyan Ray Cookware, Inc. has had a normal profit margin of 25%. For the purposes of designating a market value, 3 compute the ceiling and floor prices for these woks. Part Twa Determine the designated market value for the following five items in Ryan Ray Cookware's Inc: Desigraicul Market Value Paras: WoksFryingRansRoastingPans$55,00087,00072,00080,00082,00060,00065,600 Pots: Stuck Posts Duteh Ohen 100,00036,00096,00050,00076,80040,000 Patt Three Determine the lower-of-cost-or market value for Ryan Ray Cookware using the three approved methods: inventory as a whole, the sum of individual items, and the sum of the inventory's major categories. During a recent meeting of Ryan Ray's accounting staff, Jimmy (the newest staff accountant) suggested that the company should report inventory at a carrying value equal to its historical cost. dimmy believes that reporting the inventory at its historical cost will maximize the amount of collateral the company has for securing a loan to purchase new P,P.\&E. In a paragraph, express your thoughts on Jimmy's assessment