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Question 5 of 11 < > View Policies Current Attempt in Progress -/1 E Sheridan Corporation has two products in its ending inventory, each
Question 5 of 11 < > View Policies Current Attempt in Progress -/1 E Sheridan 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 Replacement cost $11 $21 7 13 Estimated cost to dispose 8 10 Estimated selling price 22 35 In pricing its ending inventory using the lower-of-cost-or-market, what unit values, rounded to the nearest dollar, should Sheridan use for products #1 and #2, respectively? O $7 and $15. O $7 and $13. O $13 and $15. O $13 and $14.
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