lower of cost or market (net realizable value)

crm test: ent value te tlose to UUUULIOL PROBLEM 1: LOWER OF COST OR MARKET (NET REALIZABLE VALUE) A. The December 31, 2017 inventory of Gwynn Company consisted of four products, for which certain information is provided below. Replacement Estimated Expected Normal Profit Product Original Cost Cost Disposal Cost Selling Price on Sales A $24.00 $22.00 $6.50 $40.00 20% B $42.00 $40.00 $10.00 $48.00 25% C $120.00 $115.00 $25.00 $190.00 30% D $19.00 $15.80 $4.00 $26.00 10% O c. A. Instructions: Using the lower-of-cost-or-market approach applied on an individual item basis, compute the inventory valuation that should be reported for each product on December 31, 2017 Product Replacement Ceiling Floor Designated Mkt COST LCM B. The December 31, 2017 inventory of Gwynn Company consisted of four products, for which certain information is provided below. Replacement Estimated Expected Normal Profit Product Original Cost Cost Disposal Cost Selling Price on Sales $24.00 $22.00 $6.50 $40.00 B $42.00 $40.00 $10.00 $48.00 25% C $120.00 $115.00 $25.00 $190.00 30% D $19.00 $15.80 $4.00 10% $26.00 20% Instructions:Using the lower-of-cost-or-net realizable value approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2017 Product COST N ETREALIZABLE VALUE LCNRV | A