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Question: Information about Chow Company's inventory is as follows:All information is on a per unit basis Product Alpha Product Beta Historical cost $ 77.00 $140.00 Selling Price 100.00 200.00 Cost to distribute 15.00 25.00 Current replacement cost 70.00 135.00 Normal profit margin 20.00 30.00
a. What market value will be used to determine the lower of cost or market for each inventory item on a per unit basis?
Product Alpha________________
Product Beta________________
b. What will be recorded in Chow's books for each of the items on a per unit basis after they adjust for lower of cost or market?
c. Why is it important to have a ceiling when determining the Lower of Cost or Market write down for inventory?
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