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What is the reported inventory value for a tie

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Reference no: EM132997660

Question - Suit-Your-Self sells ties for $60.00. Cost of completion expenses are 10.00. Normal profit margin is 20% of sales. If the cost of the tie is 80.00 and the replacement cost is 60.00, using the "lower-of-cost-or-market" procedure what is the reported inventory value for a tie?

A) 70.00

B) 80.00

C) 50.00

D) 60.00

Reference no: EM132997660

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