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Question - The December 31, 2019 inventory of Howard Enterprises consisted of four products, for which certain information is provided below.
Product
Original Cost
Replacement Cost
Estimated Disposal Cost
Expected Selling Price
Normal Profit on Sales
A
$25.00
$22.00
$6.50
$37.50
$7.50
B
$42.00
$40.00
$12.00
$48.00
C
$120.00
$115.00
$160.00
D
$16.00
$15.80
$3.00
$2.20
Required -
1. Using the lower-of-cost-or-market approach applied on an individual-item basis, prepare the schedule and compute the inventory valuation that should be reported for each product on December 31, 2019.
2. What is the valuation that should be reported as applied to total inventory?
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