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The December 31 inventory of M Company consisted of three products with information below: Item A: # of Units=100, Cost:50, Replacement Cost=\$10.25,…

by | Jun 7, 2023 | Posted Assignments

The December 31 inventory of M Company consisted of three products with information below: Item A: # of Units=100, Cost: \$10.50, Replacement Cost=\$10.25, Selling Price \$15.00, Selling Costs \$2.50, Normal Profit \$2.50 Item B: # of Units=50, Cost: \$4.25, Replacement Cost=\$4.75, Selling Price \$5.50, Selling Costs \$1.00, Normal Profit \$1.50 Item C: # of Units=200, Cost: \$5.75, Replacement Cost=\$5.25, Selling Price \$8.00, Selling Costs \$1.50, Normal Profit \$1.00 Objective: Compute the total ending inventory (in dollars) that should appear on the Dec. 31 balance sheet assuming the lower of cost or market approach is applied on an individual item basis

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