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Determine the carrying value of inventory at december

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Reference no: EM132936480

Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows.

Product            Quantity        Unit Cost           Unit Replacement Cost           Unit Selling Price

A                       500              $18                         $20                                  $24

B                         800               23                          19                                   26

C                          700              11                         10                                  16

D                           800               15                          12                                 14

E                            700              22                            20                                 21

The cost to sell for each product consists of a 10 percent sales commission. The normal profit for each product is 40 percent of the selling price.

Problem 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products.

Reference no: EM132936480

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