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TiCo has 1,000 units of merchandise on hand at year end. Each unit cost $32, has a replacement cost of $29, has an estimated selling

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TiCo has 1,000 units of merchandise on hand at year end. Each unit cost $32, has a replacement cost of $29, has an estimated selling price of $42, has a disposal cost of $4, and has an estimated normal mark-up of $7 . 11. Ir TICo applies the lower of cost or market (LCM rule, what is the ceiling or upper limit? a. $29 b. $25 c. $28 d. $38

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