Question
Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $27 replacement cost, $25 selling price, $37 selling
Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $27 replacement cost, $25 selling price, $37 selling costs, $8. The normal profit margin is 40% of selling price.
What unit value should Ross use when applying the lower of cost or market (LCM) rule to ending inventory?
Unit Value:__________
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Accounting
Authors: Charles T Horngren, Walter T Harrison
9th Edition
132959674, 978-0132569057
