Solution-Compute the inventory valuation

Compute the inventory valuation

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Reference no: EM132513342

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	$12.00
C	$120.00	$115.00	$25.00	$160.00	$48.00
D	$16.00	$15.80	$3.00	$22.00	$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?

Reference no: EM132513342

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Compute the inventory valuation

Reference no: EM132513342

Reference no: EM132513342

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