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Problem - Applying LCM to inventories
Ames Trading Co. has the following products in its ending inventory.
Product
Quantity
Cost per Unit
Market per unit
Mountain bikes
29
$790
$710
Skateboards
11
340
390
Gliders
260
960
910
Required - Compute lower of cost or market for inventory applied separately to each product.
The after-tax profit margin is forecasted to be 5 percent, and the forecasted retention ratio is 30 percent. Use the AFN equation to forecast Carter's additional funds needed for the coming year.
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