intermediate accounting

Ryan Ray Cookware, Inc. has unfinished woks in its inventory with a sales value of $60,000. The compamy estimates that it will have to spend $12,000 to complete production of these woks. Historically, Ryan Aay Cookware, Inc. has had a ncemal protit margin of 25\$.. For the purposes of designating a market value. compute the ceiling and floor prices for these woks. Determine the designated market value for the following frve inems in Ryan Ray Cookware's Inc: Pans: Part Three Determine the lower-of-cost-or market value for Byan Ray Cookware using the three approved methods: inventory as a whole, the sum of individual iterm, and the sum of the inventory's majar categories. During a recent meeting of Ryan Ray's accounting staff, dimmy (the newest staff accountant) suggested that the company should report lementory at a carrying value equal to its historical cost. Jimmy 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,RE. In a paragraph, express your thoughts on Jimmy's assessment