In pricing its ending inventory using the lower of cost or

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Reference no: EM13596520

lynn company has two products in its ending inventory, each accounted for at the lower 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.................. 15.00 30.00
replacement cost................18.00 27.00
estimated cost to dispose......5.00 13.00
estimated selling price............35.00 60.00

In pricing its ending inventory using the lower of cost or market, what unit vaules should Lynn use for product #1 and #2, respectively as the desginated market value?

Reference no: EM13596520

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