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Determine the proper balance in allowance

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Question - Lower of cost or market

Oslo Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. Specific data with respect to each product follows:

Quantity (units) Cost (per unit) Replacement cost (per unit) Sales Price (per unit) Net Realizable Value (per unit) Normal Profit (per unit)

Product #1 1,200 $10 $11 $20 $17 $6

Product #2 900 18 14 33 26 9.9

Assuming Oslo Corporation uses lower of cost of market on an individual-item basis. Determine the proper balance in Allowance to Reduce Inventory to Market at the year-end. Please show your computations.

Reference no: EM132733755

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