Milo Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 30% on selling price is considered normal for each product. Specific data with respect to each product follows:

Product #1 Product#2

Historical cost $30.00 $60.00

Replacement cost $35.00 $54.00

Estimated cost to dispose $10.00 $26.00

Estimated selling price $70.00 $120.00

1. In pricing its ending inventory using the lower of cost or market, what unit value should Milo use for product #1? SHOW COMPUTATIONS

2. In pricing its ending inventory using the lower of cost or market, what unit value should Milo use for product #2? SHOW COMPUTATIONS