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Riegel Company uses the lower-of-cost-or-market method on an individual-item basis in pricing its inventory items The inventory at December 31 2013 consists of products

Riegel Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2013, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear below.

 

Item

D

Item

E

Item

F

Item

G

Item

H

Item

I

Estimated selling price

$120

$110

$95

$90

$110

$90

Cost

75

80

80

80

50

36

Replacement cost

120

72

70

30

70

30

Estimated selling expense

30

30

35

35

30

30

Normal profit

20

20

20

20

20

20

Instructions

Using the lower-of-cost-or-market rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2013, for each of the inventory items above.

May 12 2020 View more View Less

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