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Problem
Oslo Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 30% on selling price is considered normal for each product. Specific data with respect to each product follows:
Product #1
Product #2
Historical cost
$10
$ 18
Replacement cost
11
14
Estimated cost to dispose
3
7
Estimated selling price
20
33
In pricing its ending inventory using the lower-of-cost-or-market, what unit values should Oslo use for products #1 and #2, respectively?
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